Assigning Costs to Jobs: Partially completed T-accounts and additional information for the XYZ Company for the month of March are presented below:

Additional information:

1. Labor wage rate was $12 per hour.

2. Manufacturing overhead is applied at $8 per direct labor-hour.

3. During the month, sales revenue was $8,000, and selling and administrative costs were $1,600.

4. The accounting period is one month long.

Required:

a. What was the amount of direct materials issued to production during March?

b. What was the amount of manufacturing overhead applied to products during March?

c. What was the cost of products completed during March?

d. What was the balance of the Work in Process Inventory account at the end of March?

e. What was the manufacturing overhead variance during March?

f. What was the operating profit for March?

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BB 3/1 BB 3/1 Materials Inventory 1,000 4,000 Finished Goods Inventory 3,000 6,000 Manufacturing Overhead 2,200 Work in Process Inventory 2,000 BB 3/1 3,200 Direct labor 2,400 Cost of Goods Sold 4,000 Manufacturing Overhead Applied