M Question 3 - Week 4 - Chapter 4 Homework - Connect X A https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fconnect... . . a Amazon.com - Onli... B. Booking.com McAfee Security Bookmarks @ Home > Suggested Sites W WildTangent Games ) Imported From IE ) Toshiba > Other favorites Week 4 - Chapter 4 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. M + Return to question 3 Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 COGM Req 4 COGS Req 5 Req 6 3 points Using the results from requirements 4 and 5, prepare the income statement for April. Dream Makers + Income Statement For the Month Ended April 30 Sales revenue $ 74,350 Cost of goods sold 59,620 x Gross margin $ 14,730 X Selling and administrative 1,515 x Advertising expense 3,700 Total selling & administrative expenses 5,215 x $ 19,945 X Mc Graw Hill 1) COL - SF Thi 7:50 AM Video highlight Q Search 7/27/2024M Question 3 - Week 4 - Chapter 4 Homework - Connect X A https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fconnect... . . a Amazon.com - Onli... B. Booking.com McAfee Security Bookmarks @ Home > Suggested Sites W WildTangent Games ) Imported From IE ) Toshiba > Other favorites Week 4 - Chapter 4 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. M + Return to question 3 Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 COGM Req 4 COGS Req 5 Req 6 o 3 points Compute the amount of overapplied or underapplied overhead that should be prorated to Work-in-Process, Finished Goods, and Cost of Goods Sold. Note: Round both the Relative Amount and the Share of overapplied overhead to two decimal places. + Share of Balance Relative amount overapplied overhead Work-in-Process O X % 0.00 x Finished Goods 11,380 16.00 x % 602.40 % Cost of Goods Sold 59,620 84.00 x% CA 3, 162.60 x Total 71,000 100.00 % 3,765.00 Mc Graw Hill 1) COL - SF Video highlight Q Search 7:50 AM 7/27/2024& [ Question 3 - Week 4 - Chapter 4 Homewerk - Connect = [l X & G M ) https://ezto.mheducation.com/ext/map/indexhtmi?_con=con&external_browser=08&launchUrl=https%253A%252F%252Fconnect.... A y o = % o O A Amazon.com - Onli... Booking.com U McAfee Security D Bockmarks &% Home |3 Suggested Sites WildTangent Games [ Imported From IE 7] Toshiba > ] Other favorites Q, Week 4 - Chapter 4 Homework e Saved Help Save & Exit Submit - o Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 6 m W : Dream Makers is a small manufacturer of gold and platinum jewelry. It uses a job costing system that applies overhead on the basis of 4 ' direct labor hours. Budgeted factory overhead for the year was $607,500, and management budgeted 40,500 direct labor-hours. The company had no Materials, Work-in-Process, or Finished Goods Inventory at the beginning of April. These transactions were recorded o during April: 3 G a. April insurance cost for the manufacturing property and equipment was $2,500. The premium had been paid in January. paoints . = - b. Recorded $1,515 depreciation on an administrative asset. . Purchased 21 pounds of high-grade polishing materials at $16 per pound (indirect materials). + d. Paid factory utility bill, $7,070, in cash. e. Incurred 4,000 hours and paid payroll costs of $160,000. Of this amount, 1,000 hours and $20,000 were indirect labor costs. f Incurred and paid other factory overhead costs, $6,690. g. Purchased $31,500 of materials. Direct materials included unpolished semiprecious stones and gold. Indirect materials included supplies and polishing materials. . Requisitioned $25,500 of direct materials and $3,000 of indirect materials from Materials Inventory. _Incurred miscellaneous selling and administrative expenses, $7620 . Incurred $4.975 depreciation on manufacturing equipment for April. _ Paid advertising expenses in cash, $3700. . Applied factory cverhead to production on the basis of direct labor hours. . Completed goods costing $71,000 during the month. . Made sales on account in April, $74,350. The Cost of Goods Sold was $59,620. h i J k | m n % & M Question 3 - Week 4 - Chapter 4 Homework - Connect X A https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fconnect... . . a Amazon.com - Onli... B. Booking.com McAfee Security Bookmarks @ Home > Suggested Sites W WildTangent Games ) Imported From IE ) Toshiba > Other favorites Week 4 - Chapter 4 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. M Return to question + 3 1 a. Factory overhead 2,500 Prepaid insurance 2,500 2 b. Selling & administrative expense 1,515 3 points Accumulated depreciation 1,515 3 Materials inventory + C 336 Accounts payable 336 4 Factory overhead 7,070 Cash 7,070 5 e. Work-in-process inventory 140,000 Factory overhead 20,000 Cash 160,000 6 f. Factory overhead 5,690 Mc Graw Hill : 1 Very high pollen Q Search Today A 7:53 AM 7/27/2024M Question 3 - Week 4 - Chapter 4 Homework - Connect X A https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fconnect... . . a Amazon.com - Onli... B. Booking.com McAfee Security Bookmarks @ Home > Suggested Sites W WildTangent Games ) Imported From IE ) Toshiba > Other favorites Week 4 - Chapter 4 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. M Return to question g. Materials inventory 31,500 + 3 Accounts payable 31,500 8 h. Work-in-process inventory 25,500 o 3 Factory overhead 3,000 points Materials inventory 28,500 + 9 Selling & administrative expense 7,620 Cash 7,620 10 j. Factory overhead 4,975 Accumulated depreciation 4,975 11 k. Advertising expense 3,700 Cash 3,700 12 Work-in-process inventory 45,000 Mc Graw Hill 77 F Q Search 7:54 AM Sunny T 7/27/2024M Question 3 - Week 4 - Chapter 4 Homework - Connect X A https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fconnect... . . a Amazon.com - Onli... B. Booking.com McAfee Security Bookmarks @ Home > Suggested Sites W WildTangent Games ) Imported From IE ) Toshiba > Other favorites Week 4 - Chapter 4 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. M Return to question + 3 10 j. Factory overhead 4,975 Accumulated depreciation 4,975 o 3 11 k. points Advertising expense 3,700 Cash 3,700 + 12 Work-in-process inventory 45,000 13 m. Finished goods inventory 71,000 14 n(1). Accounts receivable 74,350 Sales revenue 74,350 15 n(2). Cost of goods sold V 59,620 Mc Graw Hill 77 F Q Search 7:54 AM Sunny Thi 7/27/2024M Question 3 - Week 4 - Chapter 4 Homework - Connect X A https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fconnect... . . a Amazon.com - Onli... B. Booking.com McAfee Security Bookmarks @ Home > Suggested Sites W WildTangent Games ) Imported From IE ) Toshiba > Other favorites Week 4 - Chapter 4 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. M Return to question For the Month Ended April 30 + 3 Direct materials used $ 25,500 Direct labor 140,000 Factory overhead applied 45,000 o 3 Total manufacturing costs incurred during year 210,500 points Add: Work-in-process inventory, Beginning Total manufacturing costs to account for 210,500 + Less: Work-in-process inventory, Ending 139,500 Cost of goods manufactured $ 71,000 Actual overhead Factory utilities 7,070 Factory insurance 2,500 Depreciation expense--plant 4,975 Other factory overhead 6,690 Indirect labor 20,000 Indirect materials used 3,000 Total factory overhead $ 44 735 Mc Graw Hill 77 F 7:55 AM Q Search Sunny 7/27/2024M Question 3 - Week 4 - Chapter 4 Homework - Connect X A https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fconnect... . . a Amazon.com - Onli... B. Booking.com McAfee Security Bookmarks @ Home > Suggested Sites W WildTangent Games Imported From IE ) Toshiba > Other favorites Week 4 - Chapter 4 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. M Return to question + 3 Reg 1 Req 2 Req 3 Req 4 COGM Req 4 COGS Reg 5 Reg 6 Prepare a schedule of Cost of Goods Sold. o 3 Dream Makers points Schedule of Cost of Goods Sold For the Month Ended April 30 + Finished goods inventory, beginning $ Cost of goods manufactured 71,000 Total goods available for sale 71,000 Finished goods inventory, ending 11,380 Cost of goods sold $ 59,620 Mc Graw Hill 77 F 7:55 AM Q Search Sunny 7/27/2024