Hello I have problems trying to solve this but I dont have a

Hello, I have problems trying to solve this, but I don\'t have any idea how to do it, can anyone show me how to get the answers?

thank you

Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis hours at 63,000. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct lat of machine hours. For the upcoming year, the company estimated its total manufactur overhead cost at $214,200 and total machine bor cost, and machine hours for each job: Job 101 Job 102 Job 103 4,800 Total Direct materials used Direct labor Machine hours $ 10,700 s 16,000 S 8,000 S 6,200 23,500 S 26,300 $ 4,100 1,300 hours 2,100 hours 1,0D0 hours 4,400 hours Job 101 was completed and sold for $50,100 Job 102 was completed but not sold Job 103 is shill in process Actual overhead costs recorded during the first month of operations totaled $13,660 Required: 1. Calculate the prodetermined overhead rate (Round your answer to 2 decimal places.) per $ 3.40 Hour 2. Compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations (Round your intermediate calculations to 2 decimal places.) 3. Compute the balance in the Work in Process Inventory acoount at the end of the first month (Round your intermediate calculations to 2 decimal places.)

Solution

Explanation:

1 . Predetermined Overhead Rate = $214200 / 63000 = $3.40 per machine hour

2. Total Applied Manufacturing Overhead = 4400 hours × $3.40 = $14960

3. Ending Work in Process Inventory (Job 103) = $4800 + $4100 + (1000 machine hours × $3.40) = $12300

4. Cost of Job 101 = $10700 + $16000 + (1300 machine hours × $3.40) = $31120

Since this was the only job sold, the gross profit before the adjustment for over or underapplied manufacturing overhead is $63000 – $31120 = $31880.

5.                                          Manufacturing Overhead

                                  Actual 13660                                  14960 Applied

                                                                                          1300 Balance (Overapplied)