"Production Reports-Cost of Goods Sold Schedule Student Name: B. Total Work-in-Process Costs for the month, WIP = $ 522500 (Page No-9)C. Total Equivalent Units of Production, TEU= 500 units (Page No-9)D. Cost per Equivalent Unit, CPEU= $95 (Page No-9)E. Total Cost of Goods Manufactured for the month, COGM= $475000(Page No-10)F. Ending Dollar Balance in the WIP Account, End WIP=$47500(Page No-9)4. BMX Bikes, Compute Each of the Following for the BMX Bikes, BMX:A. Total Manufacturing Costs added into Production during the month TMC=$374000 (Page No-10)B. Total Work-in-Process Costs for the month, WIP =$374000(Page No-10)C. Total Equivalent Units of Production, TEU= 200 units(Page No-10)D. Cost per Equivalent Unit, CPEU= $170(Page No-10)E. Total Cost of Goods Manufactured for the month, COGM= $340000(Page No-11)F. Ending Dollar Balance in the WIP Account, End WIP=$34000(Page No-10)5. Mountain Bikes, Compute Each of the Following for the Mountain Bikes, MB:A. Total Cost of Goods Sold for the Month, COGS=$436950 (Page No-11)B. Ending Dollar Balance in the Finished Goods Account, FG= $47500(Page No-11)C. Sales Price per Unit, SP=$135.93(Page No-12)D. Total Sales Revenues, SR=$611667(Page No-12)E. Gross Profit, GP=$126217(Page No-12)F. Net Income, NI=$89717(Page No-12)5 Production Reports-Cost of Goods Sold Schedule Student Name: 6. BMX Bikes, Compute Each of the Following for the BMX Bikes, BMX:A. Total Cost of Goods Sold for the Month, COGS=$261050(Page No-13)B. Ending Dollar Balance in the Finished Goods Account, FG= $ 47500(Page No-13)C. Sales Price per Unit, SP=$247.64(Page No-14)D. Total Sales Revenues, SR=$371460(Page No-14)E. Gross Profit, GP=$61910(Page No-14)F. Net Income, NI= $25410(Page No-14)Allocate the SGA Costs 50/50, 50% to Each Bike7. TOTAL, Compute Each of the Following in TOTAL for ALL Bikes, TOTAL:A. Total Sales Revenues, SR= $983127B. Gross Profit, GP=$188127C.Net Income, NI=$1151278. Compute the Each of the Following;A. Gross Profit Percent for Mountain Bikes, (GP/Sales) =GP%MB = 20.63%(Page No-15)B. Net Income Percent for Mountain Bikes,(NI/Sales) =NI%MB =14.67%(Page No-15)C.Gross Profit Percent for BMX Bikes, (GP/Sales) =GP%BMX = 16.67%(Page No-15)D.Net Income Percent for Mountain Bikes, (NI/Sales) =NI%BMX=6.84%(Page No-15)E. Which Product is Best for this Business and Why?(Page No-16)6 Production Reports-Cost of Goods Sold Schedule Student Name: 1. The Raw Materials Accounts at month end January 2017In $ParticularsHandle MiscellaneousTires Framesbars MaterialsA. Opening Inventory of Raw Material- - - -B. Purchase During the Month for January2017 199000 155000 99000 88000C. Used in Production for the month ofJanuary 2017 170000 132000 82000 55000D. Closing Raw Materials for the End of29,000 23,000 17,000 33,000January 2017 (A+B-C)2. Manufacturing Over-Head, MOHA. Predetermined Manufacturing Overhead RateIt can be calculated as:Estimated Manufacturing Overhead Cost of theyearEstimated total units on allocation base(Directlabour Costs) In the given Problem,Overhead is applied to All Jobs and Products based on Direct Labor Costs asthey are incurred.Thus, 45000003000000= 1.5 Times of Direct labour cost or 150% of direct costs. 7 Production Reports-Cost of Goods Sold Schedule Student Name: 2(B). Actual Manufacturing Overhead Costs for the MonthAmountParticulars In $Rent 75000Indirect Material (Misc. Items) 55000Indirect Labour 21000Insurance 30000Utility 56000Depreciation 81000Telephone Expenses 5000Total in $ 323000These above expenses were pertained to Factory portion. 2 (C & D) Compute the Manufacturing Overhead Costs Applied to Mountain Bikes & BMXBikes for the Month.MountainParticulars Bikes(in BMX Bikes (In $)$)A. Direct labour cost 125000 80000Applied Manufacturing Overhead(150% of Direct Labour Cost) 187500 120000(A*150%)2(E) Compute the Manufacturing Overhead Account Balance, (Over or Under Applied).AmountParticulars In $Estimated Manufacturing Overhead307500(150% of Direct Labour Cost) (A)323000Actual Manufacturing Overhead (B )-15500Under Applied (A-B)2(F) Error Percent for the MOH BalanceUnder applied manufacturingOverheadEstimated Manufacturing Overhead8 "