"Production Reports-Cost of Goods Sold Schedule 1 Production Reports-Cost of Goods Sold Schedule Student Name: Assignment DescriptionThis Report? A list out the showing details & solution of Raw Material Consumption,Factory overheads, Manufacturing costs, Ending Work in Progress, Cost ofgoods manufactured, Cost of sales, Sale price and gross profit of Mountain &BMX Bikes.? In addition to, showing computations of net income, Gross profit ratio & netincome ratio of Mountain & BMX bikes. .2 Production Reports-Cost of Goods Sold Schedule Student Name: ContentsAnswer Summary Page ................................................................................................................... 41. The Raw Materials Accounts at month end January 2017 ......................................................... 72. Manufacturing Over-Head, MOH ............................................................................................... 73. Mountain Bikes, Compute Each of the Following for the Mountain Bikes. .............................. 94. BMX Bikes, Compute Each of the Following for the BMX Bikes .......................................... 105. Mountain Bikes, Compute Each of the Following for the Mountain Bikes. ............................ 116. BMX Bikes, Compute Each of the Following for the BMX Bikes. ......................................... 137. TOTAL, Compute Each of the Following in TOTAL for ALL Bikes ..................................... 158. Compute the Each of the Following ......................................................................................... 15 3 Production Reports-Cost of Goods Sold Schedule Student Name: Answer Summary Page1. Compute the Dollar Balance in each of The Raw Materials Accounts at month end?A. Tires= $29000(Page No-7)B. Frames=$ 23000 (Page No-7)C. Handle Bars=$17000 (Page No-7)D. Miscellaneous Materials= $33000 (Page No-7)2. Manufacturing Over-Head, MOH:A. Compute the Predetermined Manufacturing Overhead Rate? =1.5 times or 150% of Directlabour cost (Page No-7)B. Compute the Actual Manufacturing Overhead Costs for the Month? =$ 323000 (Page No-8)C. Compute the Manufacturing Overhead Costs Applied to Mountain Bikes for the Month? =$187500 (Page No-8)D. Compute the Manufacturing Overhead Costs Applied to BMX Bikes for the Month? =$120000(Page No-8)E. Compute the Manufacturing Overhead Account Balance, (Over or Under Applied) =underapplied of $ 15500 (Page No-8)F. Compute the Error Percent for the MOH Balance = (5.04%) (Page No-9)G.Is the Amount Reasonable based on 5% Error limit? = YesH. What should this Business do to their MOH Rate? =(Page No-9)3. Mountain Bikes, Compute Each of the Following for the Mountain Bikes, MB:A. Total Manufacturing Costs added into Production during the month TMC=$522500(Page No-9)4 "