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Call Corp. manufactures and sells outdoor grills and uses job costing to assign cost to their products. During March 2021, the company started production on
Call Corp. manufactures and sells outdoor grills and uses job costing to assign cost to their products. During March 2021, the company started production on four separate jobs (#1-#4) and did not have any other jobs in process during the month (the beginning balance in all inventory accounts was o). The company applies manufacturing overhead to all jobs utilizing Direct Labor Hours as the cost driver. By the end of March, only Job #1 was completed and available to be sold. No products from Jobs #1-4 were sold during the March 2021. Relevant costing information is shown in the tables below BUDGETED/ESTIMATED JOB #1 JOB #2 JOB #3 JOB #4 TOTAL (CALCULATED JAN 2021) Direct Materials 10,000 20,000 25,000 15,000 70,000 Salary for CEO and CFO 2,000 2,000 2,000 2,000 8,000 Direct Labor 5,000 5,000 6,000 4,000 20,000 Indirect Labor for Production 1,000 2,500 10,500 Supervisors Rent, Insurance and Utilities on Production Factory 500 500 500 500 2,000 Building Depreciation on Equipment 750 750 750 1,250 3,500 Advertising of Company 250 250 250 250 1,000 Products Direct Labor Hours 900 1,050 1,050 1,000 4,000 2,000 5,000 JOB #1 JOB #2 JOB #3 JOB #4 TOTAL ACTUALS (MARCH 2021) Direct Materials Direct Labor Manufacturing Overhead Period Costs 8,000 4,000 4,000 2,100 900 15,000 4,000 2,500 2,100 1,100 20,000 6,000 5,900 2,250 1,200 17,000 5,000 4,800 1,250 1,500 60,000 19,000 17,200 7,700 4,700 Direct Labor Hours As Applicable, Round Answers to Two Decimal Places (e.g. 12.50) 1. What was the Predetermined Manufacturing Overhead Rate used for Job #2? $ 2. How much manufacturing overhead was applied for Job #4?$ 3. Was manufacturing overhead over-applied or under-applied for Job #3 (Answer Choices: OVER, UNDER, NEITHER)? 4. What was the Cost of Goods Manufactured for March 2021?$ 5. How much was recorded to Cost of Goods Sold during March 2021?$ 6. What amount of operating expenses were recorded during March 2021? $ 7. What was the total amount of Conversion Costs recorded for Job #4?$ 8. Which two accounts are used to record the journal entry for Direct Labor, assuming the employees have not yet been paid? 9. If the company had Indirect Materials, once they were used in the production process, which two accounts would be used in the journal entry? 10. At the end of March, the company recorded a closing entry to dispose" of an account balance. Which two accounts would be used in this journal entry
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