please answer 4 , 5 and if you can give all will give upvote Gitano Products operates a job-order costing system and applies ovemead cost to jobs on the basis of direct materials used inproduction (not on the basis of raw materials purchased) its predetermined overhead rate was based on a cost formula that estimated$121,800 of manufacturing overhead for an estimated allocation base of $87,000 direct material dollars to be used in production. Thecompany has provided the following data for the just completed yearPurchase of raw materialsDirect labor costManufacturing overhead costs:Indirect laborProperty taxesDepreciation of equipmentMaintenanceInsuranceRent, buildingRow MaterialsWork in ProcessFinished GoodsBeginning$ 21,000$ 47,000$ 69,000$ 131,000$ 83,000$ 118,700$ 8,900$ 19,000$ 12,000$ 8,400$ 35,000Ending$ 11,000$ 37,000$ 57,000Required:1 Compute the predetermined overhead rate for the year.2. Compute the amount of underapplied or overapplied overhead for the year3. 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 $37,000 ending balance in Work in Process included $8,300 of direct materials. Given this assumption, supply theinformation missing below:

Name: please answer 4 , 5 and if you can give all will give upvote Gitano Pr
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Description: please answer 4 , 5 and if you can give all will give upvote Gitano Products operates a job-order costing system and applies ovemead cost to jobs on the basis of direct materials used inproduction (not on the basis of raw materials purchased) its pre

The cost of goods manufactured is considered as the concept of determining and compiling all the…

Business

Accounting

Gitano Products operates a job-order costing system and applies overead cost to jobs on the basis of dire production (not on the basis of raw materials purchased) its predetermined overhead rate was based on a $121,800 of manufacturing overhead for an estimated allocation base of $87,000 direct material dollars to b 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 $ 131,000 $ 83,000 $ 118,700 $ 8,900 $ 19,000 $ 12,000 $ 8,400 $ 35,000

Gitano Products operates a job-order costing system and applies overead cost to jobs on the basis of dire production (not on the basis of raw materials purchased) its predetermined overhead rate was based on a $121,800 of manufacturing overhead for an estimated allocation base of $87,000 direct material dollars to b 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 $ 131,000 $ 83,000 $ 118,700 $ 8,900 $ 19,000 $ 12,000 $ 8,400 $ 35,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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