(PLEASE DO IN EXCEL AND SHOW FORMULAS!!!!!!!!!!!!! Thank you!)

The Lynbrook Manufacturing Company recently adopted the job-order costing system. The companys policy is to use direct labor cost to apply overhead cost to each job. At the beginning of 2017, the company estimated $288,750 of manufacturing overhead and $105,000 direct labor dollars. In early 2018, Lynbrook provided you with the following information:

Raw Materials	Beginning	Ending
Work in Progress	$21,000.00	$16,000.00
Finished Goods	$44,000.00	$40,000.00
	$68,000.00	$60,000.00
The following actual cost were incurred during the year.
Purchase of raw materials (all direct)		$133,000.00
Direct labor cost		$80,000.00
Manufacturing overhead cost
Insurance,factory		$7,000.00
Depreciation of equiptment		$18,000.00
Indirect labor		$42,000.00
Property taxes		$9,000.00
Maintenance		$11,000.00
Rent Building		$36,000.00
Total Overhead		$123,000.00

1) a. Compute the predetermined overhead rate for the year.

b. Compute the amount of underapplied or overapplied overhead for the year.

2) Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. (Look at book)

3) a. Assuming that any Over- or underapplied overhead is material, prepare the adjusting entry to allocate the over- or underapplied overhead overhead at the end of 2017.

b. Compute the adjusted cost of goods sold for the year.

5) Job 150 was started and completed during the year. What price would have been charged to the customer if the job required $5,200 in materials and $8,200 in direct labor cost, and the company priced its jobs at 50% above the job's cost according to the accounting system?

6) Direct labor made up $8,000 of the $40,000 ending Work in Process inventory balance. Supply the information missing below:

Direct materials.......................... $ ?

Direct labor................................. 8,000

Manufacturing overhead............ ?

Work in process inventory......... $40,000