(Solved by Humans)-Problem 16-55 (APPENDIX 16A) OVERHEAD APPLICATION, JOURNAL ENTRIES, JOB COST At the beginning of...

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Problem 16-55 (APPENDIX 16A) OVERHEAD APPLICATION, JOURNAL ENTRIES, JOB COST At the beginning of the year, Paxton Company budgeted overhead of $180,000 as well as 15,000 direct labor hours. During the year, Job K456 was completed with the follow- ing information: direct materials cost, $2,340; direct labor cost, $3,600. The average wage for Paxton Company employees is $10 per hour. By the end of the year, 15,400 direct labor hours had actually been worked, and Pax- ton Company incurred the following actual overhead costs for the year:   Equipment lease $   5,000 Depreciation on building 20,000 Indirect labor 100,000 Utilities 15,000 Other overhead 45,000                     Required: 1.       Calculate the overhead rate for the year. 2.        Calculate the total cost of Job K456. 3.       Prepare the journal entries to record actual overhead and to apply overhead to pro- duction for the year. 4.        Is overhead overapplied or underapplied? By how much? 5.       Assuming that the normal cost of goods sold for the year is $700,000, what is the adjusted cost of goods sold?