Problem $4-46($Algo$)$ Cost Flows; Application of Overhead $[$LO $4-3,4-4,4-5]$

Mooresville Corporation manufactures reproductions of $18$th$-$century, classical$-$style furniture. It uses a job costing system that applies factory overhead on the basis of direct labor hours. Budgeted factory overhead for the year was $\backslash (\backslash$$ $1,512,000\backslash ),$ and management budgeted $94,500$ direct labor hours. Mooresville had no Materials, Work$-$in$-$Process, or Finished Goods Inventory at the beginning of August. These transactions were recorded during August:

a$.$ Purchased $6,500$ square feet of oak on account at $\backslash (\backslash$$ $26\backslash )$ per square foot.

b$.$ Purchased $200$ gallons of glue on account at $\backslash (\backslash$$ $36\backslash )$ per gallon $($indirect material$).$

c$.$ Requisitioned $4,550$ square feet of oak and $46$ gallons of glue for production.

d$.$ Incurred and paid payroll costs of $\backslash (\backslash$$ $219,400\backslash ).$ Of this amount, $\backslash (\backslash$$ $61,000\backslash )$ were indirect labor costs; direct labor personnel earned $\backslash (\backslash$$ $22\backslash )$ per hour.

e$.$ Paid factory utility bill, $\backslash (\backslash$$ $17,780\backslash )$ in cash.

f$.$ August's insurance cost for the manufacturing property and equipment was $\backslash (\backslash$$ $4,250\backslash ).$ The premium had been paid in March.

g$.$ Incurred $\backslash (\backslash$$ $9,475\backslash )$ depreciation on manufacturing equipment for August.

h$.$ Recorded $\backslash (\backslash$$ $2,775\backslash )$ depreciation on an administrative asset.

i$.$ Paid advertising expenses in cash, $\backslash$$$6,175.$

j$.$ Incurred and paid other factory overhead costs, $\backslash (\backslash$$ $15,000\backslash ).$

k$.$ Incurred miscellaneous selling and administrative expenses, $\backslash (\backslash$$ $14,375\backslash ).$

I. Applied factory overhead to production on the basis of direct labor hours.

m $.$ Produced completed goods costing $\backslash (\backslash$$ $153,500\backslash )$ during the month.

n$.$ Sales on account in August were $\backslash (\backslash$$ $144,200\backslash ).$ The Cost of Goods Sold was $\backslash (\backslash$$ $119,500\backslash ).$

Complete this question by entering your answers in the tabs below.

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. Mooresville Corporation manufactures reproductions of $18$th$-$century, classical$-$style furniture. It uses a job costing system that applies factrrv ovorhoad on the basis of direct labor hours. Budgeted factory overhead for the year was $\backslash (\backslash$$ $1,512,000\backslash ),$ and management b Assessment Tool iFrame ect labor hours. Mooresville had no Materials, Work$-$in$-$Process, or Finished Goods Inventory at the beginning of August. These transactions were recorded during August:

a$.$ Purchased $6,500$ square feet of oak on account at $\backslash (\backslash$$ $26\backslash )$ per square foot.

b$.$ Purchased $200$ gallons of glue on account at $\backslash (\backslash$$ $36\backslash )$ per gallon $($indirect material$).$

c$.$ Requisitioned $4,550$ square feet of oak and $46$ gallons of glue for production.

d$.$ Incurred and paid payroll costs of $\backslash (\backslash$$ $219,400\backslash ).$ Of this amount, $\backslash (\backslash$$ $61,000\backslash )$ were indirect labor costs; direct labor personnel earned $\backslash (\backslash$$ $22\backslash )$ per hour.

e$.$ Paid factory utility bill, $\backslash (\backslash$$ $17,780\backslash )$ in cash.

f$.$ August's insurance cost for the manufacturing property and equipment was $\backslash (\backslash$$ $4,250\backslash ).$ The premium had been paid in March.

g$.$ Incurred $\backslash (\backslash$$ $9,475\backslash )$ depreciation on manufacturing equipment for August.

h$.$ Recorded $\backslash (\backslash$$ $2,775\backslash )$ depreciation on an administrative asset.

i$.$ Paid advertising expenses in cash, $\backslash (\backslash$$ $6,175\backslash ).$

j$.$ Incurred and paid other factory overhead costs, $\backslash (\backslash$$ $15,000\backslash ).$

k$.$ Incurred miscellaneous selling and administrative expenses, $\backslash$$$14,375.$

I. Applied factory overhead to production on the basis of direct labor hours.

m $.$ Produced completed goods costing $\backslash (\backslash$$ $153,500\backslash )$ during the month.

n$.$ Sales on account in August were $\backslash (\backslash$$ $144,200\backslash ).$ The Cost of Goods Sold was $\backslash (\backslash$$ $119,500\backslash ).$

Complete this question by entering your answers in the tabs below.

Using the results from requirements $4$ and $5,$ prepare the income statement for August.