Problem 3-14 Schedule of Cost of Goods Manufactured; Overhead Analysis [LO3-3, LO3-4] Gitano Products operates a job-ord

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Problem 3 14 Schedule Of Cost Of Goods Manufactured Overhead Analysis Lo3 3 Lo3 4 Gitano Products Operates A Job Ord 1 (44.07 KiB) Viewed 29 times

Problem 3 14 Schedule Of Cost Of Goods Manufactured Overhead Analysis Lo3 3 Lo3 4 Gitano Products Operates A Job Ord 2 (22.26 KiB) Viewed 29 times

Problem 3 14 Schedule Of Cost Of Goods Manufactured Overhead Analysis Lo3 3 Lo3 4 Gitano Products Operates A Job Ord 3 (43.67 KiB) Viewed 29 times

Problem 3 14 Schedule Of Cost Of Goods Manufactured Overhead Analysis Lo3 3 Lo3 4 Gitano Products Operates A Job Ord 4 (29.13 KiB) Viewed 29 times

Problem 3 14 Schedule Of Cost Of Goods Manufactured Overhead Analysis Lo3 3 Lo3 4 Gitano Products Operates A Job Ord 5 (26.78 KiB) Viewed 29 times

Problem 3-14 Schedule of Cost of Goods Manufactured; Overhead Analysis [LO3-3, LO3-4] Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $120,900 of manufacturing overhead for an estimated allocation base of $93,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect labor Property taxes Depreciation of equipment. Maintenance Insurance. Rent, building. Raw Materials Work in Process Finished Goods $ 132,000 $ 89,000 $ 107,300 $ 8,100 $ 17,000 $ 12,000 $ 7,200 34,000 $ Beginning Ending $ 25,000 $17,000 $ 45,000 $40,000 $ 71,000 $ 56,000 Required: 1. Compute the predetermined overhead rate for the year, 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. 5. Assume that the $40,000 ending balance in Work in Process includes $8,800 of direct materials, Given this assumption, supply the information missing below:

information missing below: Complete this question by entering your answers in the tabs below. Required 2 Required 3 Compute the amount of underapplied or Required 1 Answer is not complete. overhead Required 4 Required 5 overapplied overhead for the year. < Required 1 Required 3 > Given this assumption, supp

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. Gitano Products Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Direct labor + Manufacturing overhead applied to work in process Total manufacturing costs Less: Ending work in process inventory Cost of goods manufactured: > $ 25,000 132,000 137,000 17,000 < Required 2 $ 120,000 89,000✔ 144,000 353,000 398,000 751,000 40,000 Required 4 >

goods sold for the year. Do not include any underapplied or overapplied overhead in your ans 5. Assume that the $40,000 ending balance in Work in Process includes $8,800 of direct materials. Given this assumption, supply information missing below: Answer is not complete. Complete this question by entering your answers in the tabs below. Required 5 Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. Required 1 Required 2 Unadjusted cost of goods sold Required 3 Required 4 < Required 3 Required 5 >

information missing below: Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume that the $40,000 ending balance in Work in Process includes $8,800 of direct materials. Given this assumption, supply the information missing below: Direct materials Direct labor Manufacturing overhead Work in process inventory $ $ 8,800 20,640 10,560 40,000 Requided 5 < Required 4 Required