CHAPTER 4 HANDOUT - PRODUCT COSTING Kennedy Corp. manufactures and sells specialized outdoor smoker grills and uses job costing to assign cost to their products. During September 2022, the company started production on three separate jobs and did not have any other jobs in process during the month (the beginning balance in all inventory accounts was 0). The company applies manufacturing overhead to all jobs utilizing the Direct Labor Hours cost driver. By the end of September, only Job C was completed and the products available to be sold. No products from Jobs A-C were sold during September. Relevant costing information is shown in the tables below BUDGETED/ESTIMATED JOB A JOB B JOB C (CALCULATED JULY 2022) Direct Materials 10,000 20,000 15,000 Direct Labor 5,000 5,000 4,000 Manufacturing Overhead 2,450 3,250 4,800 Period Costs 2,250 2,250 2,250 Direct Labor Hours 800 1,200 1,500 ACTUALS (SEPTEMBER 2022) JOB A JOB B JOB C Direct Materials 8,000 15,000 17,000 Direct Labor 4,000 4,000 5,000 Manufacturing Overhead 4,000 2,500 4,800 Period Costs 2,100 2,100 1,250 Direct Labor Hours 900 1,100 1,500 YOU ARE REQUIRED TO SHOW YOUR WORTO EARN CREDIT QUESTION ANSWER What Predetermined Overhead Rate was used for Job C? What was the Total Manufacturing Costs for September? What was the Cost of Goods Manufactured for the month of September? How much expense would appear on the September Income Statement?