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GIVEN

Sampson Company uses a job order cost system with overhead applied based on direct labor hours. See estimated amounts below. Note the beginning balances for Finished Goods (Job 101) and Work-in-Process (Jobs 102 & 103) for the costs accumulated to date. Also note, the beginning balances in the other balance sheet accounts. Estimated Overhead for 2018 720,000 Estimated Direct Labor Hours for 2014 24,000 During January the comapny had the following transactions: (a) Purchased raw materials on accout in the amount of: 10,000 (b) Issued the following materials into production: Amount Explanation Direct materials 7.000 Job 102 2,000 Job 103 5.000 Used on both Indirect materials 2,000 jobs. Total 9,000 (C) Recorded salaries and wages as follows: Amount Explanation Direct labor 10,000 Job 102 6.000 Job 103 4,000 For factory Indirect labor 4,000 supervision For administrative Salaries 5,000 staff Total 19,000Applied overhead to jobs based on the number of direct labor hours required Direct labor Job Number hours Job 102 300 Job 103 200 Total 500 Recorded the following actual manufacturing costs: Amount Explanation Rent 5:000 Paid factory rent in cash Depreciation 5:000 Factory equipment Had one month offactory insurance Insurance 3:000 policy expire Received factory utility bill but did not Utilities 2000 pay it. Total 16,000 Recorded the following general and administrative costs: Amount Explanation Advertising 2000 Advertising paid in cash Depreciation 3:000 Ofce equipment Miscellaneous expense incurred but not Other expenses 100!) paid. Total 6,000 Sold Job 101: which is recorded in Finished Goods: Sales Price 55000 Cost 30:00!) Completed Job 102 butdid not sell it; Job 103 is still in process at year-end. Requ ired: 1 Compute the predetermined overhead rate. Predetermined overhead rate 2 Compute how much overhead would be applied to jobs during the period: Overhead applied Compute the total cost of Jobs 102 and 103 at the end of the period. You will enter your calculation 3 in the 'Ledger Accounts' tab of this workbook Where will the cost of each of these jobs appear on the Balance sheet? Post the journal entries to the 'T' Accounts in the 'Ledger Accounts' tab. Calculate the ending 4 balances in all of the accounts. 5 Calculate the amount of over- or underapplied overhead in the 'Ledger Accounts' tab. Post the journal entry in the T accounts to dispose of the overhead balance in the 'Ledger Accounts' 6 tab. 7 Prepare a statement of cost of goods manufactured report in the 'Reports' tab. 8 Prepare an income statement in the 'Reports' tab. 9 Prepare a basic balance sheet in the 'Reports' tab.Raw Materials Inventory Manufacturing Overhead 1/1/18 (Beg) 10,000 Job Sheet: Job Sheet: Work in Process Inventory 102 103 1/1/18 (Beg) 15,000 1/1/18 (Beg) 15,000 0 Finished Goods Cost of Goods Sold 1/1/18 (Beg) 30,000Sales Revenue Selling, General, and Administrative Expenses Cash and Other Assets Payables and Other Liabilities 1/1/18 (Beg) 100,000 85,000 1/1/18 (Beg) Stockholders' Equity 70,000 1/1/18 (Beg)Sampson Company Cost of Goods Manufactured Report For the Month of January Beginning Raw Materials Inventory Plus: Raw Material Purchases Less: Indirect Material Used Less: Ending Raw Materials Inventory Direct Materials Used in Production Direct Labor Manufacturing Overhead Total Current Manufacturing Costs Plus: Beginning Work in Process Inventory Total Work in Process Less: Ending Work in Process Inventory Cost of Goods Manufactured* 8 Sampson Company Income Statement For the Month of January Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured* (see schedule above) Cost of Goods Available for Sale Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Under-/Overapplied Overhead Adjusted Cost of Goods Sold Gross Profit Less: Operating (Period) Expenses Net Income from Operations9 Sampson Company Balance Sheet As of January 31st Assets Liabilities Payables and Other Cash and Other Assets Liabilities Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Stockholders' Equity Total Assets