COST ACCOUNTING $303$ A & B

Homework #$111/11/2023$

Management wishes to determine various unknown balances of a job order company specializing in custom$-$built industrial equipment, and has hired you for assistance:

On December $31,2004,$ there was only one job in process, Job No$\mathrm{.}372.$ However, the only available information on the job was the accumulated direct labor costs of $$12,000$ and direct materials of $$21,900.$ Overhead is applied to jobs as a predetermined percentage of direct labor costs. The following additional information is available to you about events in $2004$ :

$\backslash$table$[[$following additional information is available to you about events in $2004$ :$],[,$Payments made to suppliers in $2004,,$$$342,000,],[,$Indirect materials issued from inventory,,$$14,000,],[,$Direct labor costs incurred,,$$140,000,],[,$Direct materials costs transferred to Finished,,,$],[,$Goods Inventory this period,,$$403,800,],[,$Current period applied overhead in ending,,,$],[,$Finished Goods Inventory, December $31,2004,,$$$30,000,],[$Required$],[1.$ Cost of materials purchased.$],[2.$ Direct materials issued to work in process inventory. $($Hint: Consider how much was transferred$],[$out of work in process to finished goods.$)],[3.$ Materials Inventory account balance, December $31,2004.],[4.$ Overhead application rate.$],[5.$ Overhead applied to work in process inventory account during $2004.],[6.$ Over$-$ or underapplied overhead.$],[7.$ Cost of goods transferred to Finished Goods Inventory account during $2004.],[8.$ Work in process inventory account, December $31,2004.],[9.$ Applied overhead in ending work in process inventory account, December $31,2004.],[10.$ Proration of over$-$ or underapplied overhead to Work In Process Inventory account, Finished$],[$Goods Inventory account and Cost of Goods Sold account.$],[11.$ Balance in ending Work in Process Inventory Account, December $31,2004,$ after prorating$],[$overhead $t,$inventory accounts and,cost of goods sold accol,,,$]]$