Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $420,000 and total machine hours at 60,000. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 TotalDirect materials used 19,200 14,400 9,600 43,200 Direct labor 28,800 11,200 9,600 49,600 Machine hours 1,000 hours 4,000 hours 2,000 hours 7,000 hoursJob 101 was completed and sold for $60,000.Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $45,000.Required: 1. Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.)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 account at the end of the first month. (Round your intermediate calculations to 2 decimal places.)4. How much gross profit would the company report during the first month of operations before making an adjustment for over- or underapplied manufacturing overhead? (Round your intermediate calculations to 2 decimal places.)5-a. Determine the balance in the Manufacturing Overhead account at the end of the first month. (Round your intermediate calculations to 2 decimal places.)

Tyler Tooling Company

1. The predetermined overhead rate is:

= $7

2. The total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations is:

= $49,000

3. The balance in  the Work in Process Inventory account at the end of the first month is:

= $86,800

4. The gross profit that the company would report during the first month of operations before making an adjustment for over- or underapplied manufacturing overhead is:

= $5,000

5a. The balance in the Manufacturing Overhead account at the end of the first month is:

= $4,000 overapplied

Explanation:

a) Data and Calculations:

Estimated total manufacturing overhead for the coming year = $420,000

Estimated total machine hours for the coming year = 60,000 mh

Actual jobs data:                 Job 101   Job 102   Job 103     Total

Direct materials cost         $19,200  $14,400   $9,600    $43,200

Direct labor cost                 28,800     11,200     9,600      49,600

Machine hours cost              1,000      4,000     2,000        7,000

Sale of Job 101 = $60,000

Actual overhead for the first month = $45,000

1. Predetermined overhead rate = Estimated overhead/estimated machine hours

= $420,000/60,000

= $7

2. The total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations is:

= total machine hours used * $7

= $49,000 (7,000 * $7)

3. The balance in  the Work in Process Inventory account at the end of the first month is:

Work in Process

Account Titles            Debit      Credit

Direct materials      $43,200

Direct labor              49,600

Overhead applied   49,000

Cost of Job 1 sold                 $55,000 ($19,200+$28,800+$7,000)

Ending balance                     $86,800 (= costs of Job 102 and 103)

4. The gross profit that the company would report during the first month of operations before making an adjustment for over- or underapplied manufacturing overhead is:

= Gross profit for Job 101 = $5,000 ($60,000 - $55,000)

5a. The balance in the Manufacturing Overhead account at the end of the first month is:

= Actual overhead incurred - overhead applied

= $45,000 - $49,000

= $4,000 overapplied

match the scenarios with terms related to financial aid.

pell grant

student loan

merit-based scholarship

richard is one of the leading college basketball players in the state of florida. he also maintains a good academic record. looking at his talent and potential, furman university offers to bear the expenses for his college education.

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anita wants to pursue a certificate program in sports nutrition. to pay for the course, she borrows money by filing the fafsa.

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nathan comes from a low-income household. he wants to pursue an undergraduate degree in marketing. he receives financial aid covering 50 percent of his college expenses. nathan does not have to pay back this amount.

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the correct answer will be d