Gleim Inc. enters into a $300,000 contract for the purchase of customized equipment with Becker Inc. The construction of the equipment is expected to take two years. Gleim, Inc. owns the work in process during the two-year period but will not take possession of the equipment until completed. The contractor will bill Gleim monthly for performance completed to date. After year-one, Becker Inc. incurred costs of $120,000 and expects remaining costs to be $108,000. Becker Inc. has billed Gleim $150,000 in total for the year. Jamestown has paid $135,000 to Bennington Inc. Determine the amount of revenue and expenses that Bennington Inc. should recognize in the first year of the contract.
Revenue
Expenses

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.