Question: please show steps. correct answers are given. thanks! Chapter 3 1. ABC Company's predetermined overhead rate was $10 per direct-labor hour Assume that during the

please show steps. correct answers are given. thanks! Chapter 3 1. ABCplease show steps. correct answers are given. thanks!

Chapter 3 1. ABC Company's predetermined overhead rate was $10 per direct-labor hour Assume that during the month, 2,500 direct-labor hours were worked on Job A and 3,500 direct-labor hours were worked on Job B. Write the journal entry reflecting the manufacturing overhead for the month. Work in Process Manufacturing Overhead $60,000 ABC Company's Work in Process account has an inventory balance of $50,000 on January 1. The company used Raw Materials in the amount of $500,000 during the month, 475,000 of which were direct materials, and 25,000 of which were indirect materials. The company spent $350,000 on direct labor, 100,000 on indirect labor and $150,000 on administrative salaries. The company's accountant calculated the applied manufacturing overhead to be $300,000, and the actual manufacturing overhead for the month was $325,000. Jobs costing $750,000 to manufacture according to their job sheets were completed during the month. Write the journal entry where the overapplied or underapplied overhead is closed to the Cost of Goods Sold. 2. Cost of Goods Sold $25,000 Manufacturing Overhead $25,000 3. What is the ending balance in Work in Process? $425,000 The Beginning Work in Process Inventory is $1,000. The Ending Work in Process Inventory is $2,000. The Total Manufacturing Costs are $12,000. The Beginning Finished Goods Inventory is $10,000. The Ending Finished Goods Inventory is $15,000 . Calculate the Cost of Goods Manufactured. 11,000 5. Calculate the Cost of Goods Sold $6,000

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