"Production Reports-Cost of Goods Sold Schedule Student Name: -15500X 100307500= (5.04%)2(G)Is the Amount Reasonable based on 5% Error Limit.Yes2(H) what should this Business do to their MOH Rate.In case of Under-Applied, Business should be added their under-applied costs to their cost of goodssold. Further, the basis of predetermined rate of manufacturing overheads should be changeaccordingly. 3. Mountain Bikes, Compute Each of the Following for the Mountain Bikes.(A).Total Manufacturing Costs added into Production during the month.AmountParticulars In $A. Material Consumed 210000B. Labour 125000C. Prime Cost (A+B) 335000D. Factory Overhead Applied 187500 Total Manufacturing Costs(C+D) 522,500(B, C, D, F).Total Work-in-Process Costs for the month, WIPParticulars UnitsA. Produced units 5000B. Equivalent Units (1000*50%) 500C. Total Equivalent Units (A+B) 5500 D. Total Manufacturing Cost(In $) 522500E. Rate per unit (E/D) 95F. Work in Progress units (1000*50%) 500G. Closing WIP (In $) (G*F) 475009 Production Reports-Cost of Goods Sold Schedule Student Name: F. Total Cost of Goods Manufactured for the month Amount InParticulars $A. Material Consumed 210000B. Labour 125000C. Prime Cost (A+B) 335000D. Factory Overhead Applied 187500Total Manufacturing Costs(C+D) 522500Less : Closing WIP 47500Cost of Goods manufactured4750004. BMX Bikes, Compute Each of the Following for the BMX Bikes(A). Total Manufacturing Costs added into Production during the month.AmountParticulars In $A. Material Consumed 174000B. Labour 80000C. Prime Cost (A+B) 254000D. Factory Overhead Applied 120000Total Manufacturing Costs(C+D) 374,000(B, C, D, F). Total Work-in-Process Costs for the month, WIPParticulars UnitsA. Produced units 2000B. Equivalent Units(800*25%) 200C. Total Equivalent Units(A+B) 2200 D. Total Manufacturing Cost (In $) 374000E. Rate per unit (E/D) 170F. Work in Progress units(800*25%) 200G. Closing WIP (In $) (G*F) 3400010 Production Reports-Cost of Goods Sold Schedule Student Name: E.Total Cost of Goods Manufactured for the monthAmount InParticulars $A. Material Consumed 174000B. Labour 80000C. Prime Cost (A+B) 254000D. Factory Overhead Applied 120000Total Manufacturing Costs (C+D) 374000Less : Closing WIP 34000Cost of Goods manufactured3400005. Mountain Bikes, Compute Each of the Following for the Mountain Bikes.A. Total Cost of Goods Sold for the MonthAmountParticulars In $A. Material Consumed 210000B. Labour 125000C. Prime Cost (A+B) 335000D. Factory Overhead Applied 187500E. Total Manufacturing Costs (C+D) 522500Less : Closing WIP (47,500)F. Cost of Goods manufactured475000Less : Closing Finished goods inventory (47,500)Cost of Goods Sold (Gross) 427500Add: Under applied of Manufacturing Overhead (D*5.04%) 9,450Cost of Goods Sold (Net) 436950B. Ending Dollar Balance in the Finished Goods AccountProduced Units 5000Sale Units 4500Finished units (A) 500Cost Per unit (B)-(F/5000) 95Closing Finished goods invenory (A*B) 4750011 Production Reports-Cost of Goods Sold Schedule Student Name: C. Sales Price per UnitCost of Goods Sold (Net) 436950Selling Overhead (50% of 97000)48500Cost of Sales (A)485450Produced Units (B) 5000Cost Per Unit (A/B)97.09Add : Markup 40% on cost38.84Sale Price Per unit (In $)135.93D. Total Sales Revenues A. Sale Units4500B. Sale Price Per unit135.93Sale revenue (A*B)611667E. Gross ProfitF. A. Sale Revenue611667B. Cost of sales485450Gross Profit (A-B)126217G. Net IncomeParticulars In $A. Sale Revenue 611667.00B. Cost of sales485450.00Gross Profit (A-B)126217Less: Office Administration Overhead50% of 73000 36500Net Income 89717Statement Showing Admin OverheadRent 25000Insurance 10000Utility 14000Depreciation 9000Telephone Expenses 1500012 "