16 Blast Company is a manufacturer that uses job-order costing. Blast applies factory overhead using direct labor dollars as the cost driver and disposes of any over/under applied overhead using the method covered in class. Blast purchases 100% of its Raw Materials on account from vendor, Jinx Company and provides you the following information about its factory operations: For the twelve months ended 12/31/202: Budgeted Actual Raw Material Purchases $200,000 $175,000 Direct Labor $420,000 $408,000 Selling & Administrative Salaries $160,000 $150,000 Factory Overhead $525,000 Direct Labor Hours 10,000 $490,000 9,100 Reported account balances as of: 12/31/20X1 12/31/20X2 $65,000 ? $65,000 $12,000 Raw Materials $54,000 Work In process $118,000 Finished Goods $80,000 Accounts Payable-Jinx $14,000 Consider that Blast reported Sales Revenue for the twelve months ended 12/31/20X2 of $1,895,000. At the end of 20X2, Blast had only a single factory job still in process, Job #2314, which was also started in 20X2. Job #2314's cost record shows $30,000 of direct materials requisitioned and $55,000 of direct labor. Q17 Continue with Blast Company in question 16. What was the company's cost of goods manufactured for the twelve months ended 12/31/20X2? A. $1,061,250 B. $1,126,000 C. $1,115,000 D. $1,106,000 E. $1,046,250