Part 1: Relates to Module 18 and I have support videos in the Module 18 Resources in the applicable weekly folder. The scenario to this part is below and the requirements follow where you will answer the questions pertaining to this part. Glass Company makes glass orders based on the customer specifications, so the company uses job costing to track costs. 1. The company uses direct labor hours as the cost driver for manufacturing overhead application. The company estimated the following manufacturing overhead costs for the year. The company estimated the following usage of direct-labor hours for the year: 2. Beginning Work-in-process, September 1 (Job 55) 3. Beginning Finished Goods, September 1 (Job 57) 2. Labor Information for September: Direct-labor hours: $260,000 100,000 $20,000 $80,000 Job 55 Job 58 Job 59 Labor costs in factory. Direct-labor wages 4,900 6,300 2,500 $301,400 $23,000 Indirect-labor wages 3. Direct Material Information for September: Raw Materials, Inventory, September 1 $7,000 Purchase or raw material $154,000 Direct materials requisitioned: Job 55 $50,000 Job 58 $70,000 Job 59 $16,000 4. Other costs incurred in September: Factory Utilities Sales offices Utilities Administrative offices Utilities Factory equipment repair and maintenance costs Depreciation on factory equipment Manufacturing supplies purchased and used 5. During September the following jobs were completed: Job 55 6. During September the following jobs were sold for the following amounts: Job 59 Job 57 Job 59 $215,000 $100,000 $2,000 $1,000 $1,800 $1,900 $3,200 $2,700 Required: You need to use cell references to provide answers and calculations. There are 9 questions in Part 1. 1. Develop the predetermined overhead rate. 2. Complete the job cost sheets provided below for the month of September: Beginning Balance Current costs: Direct materials Direct Labor Applied overhead Total Job 55 Job 58 Job 59 Hint: You need to calculate the direct hourly rate and then compute direct labor cost per job. 3. Determine the ending Work-In-Process Inventory at the end of September and provide the Job number of the job(s) still in Work-in-Process at the end of September and the determine total cost of ending work in process for September. 4. Determine the ending Finished Goods for September and provide the Job number(s) of the job(s) in Finished Goods at the end of September and determine the total cost of ending finished goods for September. 5. Determine the Cost of Goods Sold for September and provide the Job number of the Job(s) in Cost of Goods Sold for September and determine the total cost of goods sold for September. 6. Prepare a statement of cost of goods manufactured for September below. Use Manufacturing Overhead applied in your statement. You need to prepare in good form. Please see Exhibit 18.6. Glass Company Statement of Cost of Goods Manufactured For Month ending September 31, 20XX Current manufacturing costs: Cost of material placed in production Raw materials, 3/1/XX Purchases Total available Raw materials, 3/31/XX Direct Labor Manufacturing overhead Applied Work-in-process September 1, 20XX Total costs in process Work-in-process September 31, 20XXX Cost of goods manufactured 7. Prepare an Income Statement for September below. The company does not close the over or underapplied overhead until the end of the year, so no adjustment is needed to Cost of Goods Sold. You need to prepare in good form. Please see Exhibit 18.6, but you do not have to provide a detailed COGS section, since you know COGS relates to the Job(s) sold at cost and should agree with your analysis in #5 above. Glass Company Income Statement For Month ending September 31, 20XX Sales Cost of goods sold Gross Profit Selling and Administrative expenses Net income 8. Determine the dollar amount and the underapplied or overapplied manufacturing for September. Provide your calculations. 9. Prepare a Pie chart below showing the three product costs that were added to the job cost sheets in September. KAPWING