On December 31, 2018, Ditka Inc. had Retained Earnings of $287,800 before its closing entries were prepared and posted. During 2018, the company had service revenue of $188,100 and interest revenue of $91,300. The company used supplies in the amount of $97,900, advertising expenses were $18,400, salaries and wages totaled $21,300, and income tax expense was calculated as $17,700. During the year, the company declared and paid dividends of $8,000. Required: Prepare the closing entries dated December 31, 2018. Prepare T-account for the Retained Earnings account. Enter the beginning balance into the T-account, post the closing entries, and then determine the ending balance.

The direct labor budget of yuvwell corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st quarter 2nd quarter 3rd quarter 4th quarterbudgeted direct labor-hours 11,200 9,800 10,100 10,900the company uses direct labor-hours as its overhead allocation base. the variable portion of its predetermined manufacturing overhead rate is $6.00 per direct labor-hour and its total fixed manufacturing overhead is $80,000 per quarter. the only noncash item included in fixed manufacturing overhead is depreciation, which is $20,000 per quarter.required: 1. prepare the company’s manufacturing overhead budget for the upcoming fiscal year.2. compute the company’s predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year.