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…

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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

Cornerstones of Cost Management (Cornerstones Series)

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ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 13E: Wyandotte Company provided the following information for the last calendar year: During the year,...

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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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 in
production (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. 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
Row Materials
Work in Process
Finished Goods
Beginning
$ 21,000
$ 47,000
$ 69,000
$ 131,000
$ 83,000
$ 118,700
$ 8,900
$ 19,000
$ 12,000
$ 8,400
$ 35,000
Ending
$ 11,000
$ 37,000
$ 57,000
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 $37,000 ending balance in Work in Process included $8,300 of direct materials. Given this assumption, supply the
information missing below:

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Geneva, Inc., makes two products, X and Y, that require allocation of indirect manufacturing costs. The following data were compiled by the accountants before making any allocations: The total cost of purchasing and receiving parts used in manufacturing is 60,000. The company uses a job-costing system with a single indirect cost rate. Under this system, allocated costs were 48,000 and 12,000 for X and Y, respectively. If an activity-based system is used, what would be the allocated costs for each product?
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