Assignment #1 - Job Order Costing ONLY SUBMIT THE PAGES (single-sided) THAT START WITH "NAME" (pp. 4-6) Question [Chapter 3] (16 marks) Analysis of Cost Flows and Inventories under Job-Order Costing Quickmix Lid. manufactures electric mixers and chopping tools. A job-order costing system is used, since the products are manufactured in batches rather than on a continuous basis. The company started operations on January 2, 2012. Operating activities during the first 11 months of the year (through November 30) resulted in the following balances in selected accounts: Raw Materials# Manufacturing Overhead Bal. 36,000 2,260,000* Bal. Work-in-Process Cost of Goods Sold Bal. 1,200,000 Bal. 14,200,000 Finished Goods Bal. 2,785,000 The raw materials account includes (both) direct materials and indirect materials. This figure represents the debits to the manufacturing overhead account for the first eleven months of the year. The following additional information is available on the company: a. The work-in-process inventory at November 30 consisted of two jobs: Total Cost as of Job No. Units Item November 30 5011 48,000 Professional mixers $700,000 6011 39,000 Base mixers 500.000 $1,200,000 b. The finished goods inventory at November 30 consisted of five separate items in stock: Items Quantity and Unit Cost Total Cost Professional mixers . . 5,000 units at $22 each $110,000 Premium mixers 115,000 units at $17 each 1,955,000 Brass choppers 10,000 units at $14 each 140,000 Steel choppers 5,000 units at $16 each 80,000 Mixer utensil set . 100,000 units at $5 each 500.000 $2,785,000