Predetermined Overhead Rates. Variances, Cash Flows LO 2,4,5) Playmore Costume Company located in Toronto, costumes for plays and Playmore considers te primary service firmas never produces comes without a pengar dan purchases maar te cicas job. Any shed goods ending inventory Semporary and is reed out as soon as the w year, the following activity took place in each of the account Overheads applied on the basis of deabour cost. During the first quarter of the ork in Process 17.00 Complete 245.000 OH 140.0001 Bal 2000 Finished Goods Bal 0 00 To 210.000 Com 245.000 13001140.000 15001 Carlo Good Said 210.0001 Job 32 was the only job in process at the end of the quarter. A total of 1,000 direct labour at $10 per hour were charged to Job 32 Required: 1. Assuming the overhead is applied on the basis of direct labour cost, what was the overhead rate used during the first quarter of the year? 2. What was the applied overhead for the first quarter? The actual overhead? The under-applied or over-applied ovestead? 3. What was the cost of the goods manufactured for the quarter? 4 Assume that the overhead variance is closed to the Cost of Goods sold account Prepare the journal entry to close out the Overhead Control Account What is the adjusted balance in Cost of Goods Sold? 5. For Job 32. Identify the costs incurred for direct materials, direct labour, and overhead
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