Paladin Parabolics Company produces high-quality microscopes for education and health care uses. The company uses a job order costing system.

Because the microscopes' optics require significant manual labor to ensure adherence to strict manufacturing specifications, the company applies overhead on the basis of direct labor hours. At the beginning of 2017, the company estimated its manufacturing overhead would be $1,960,000 and that employees would work a total of 98,000 direct labor hours.

During March, the company worked on the following five jobs:

Jobs 134 and 158 were started in January, Jobs 212 and 287 were started in February, and
Job 301 was started in March. During March, workers completed Jobs 134, 158, and 212.
Jobs 134 and 212 were delivered to customers during March.
Actual overhead for the month of March was $176,300.

Required
a. Calculate the predetermined overhead rate used by Paladin Parabolics Company in 2017.
b. Calculate the total manufacturing cost for March.
c. Calculate the total cost for each of the five jobs as of March 31.
d. Calculate the cost of goods manufactured for March.
e. Calculate the balance in the Work in Process Inventory account as of March 31.
f. Calculate the Cost of Goods Sold for March.
g. Calculate the balance in the Finished Goods Inventory account as of March 31.

Transcribed Image Text:

Direct Materials added during March Direct Labor added during March Direct Labor Hours added during March 150 Beginning 134 158 212 287 301 Balance $118,600 121,450 21,800 34,350 $ 8,400 12,160 36,650 31,850 21,845 $110,905 $4,000 86,400 71,800 18,990 $183,690 3,450 2,700 1,400 8,000 Total$296,200