• During March 2021, Virginia Bay Corporation recorded $275,000 of costs related to factory overhead.Virginia Bay's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $282,000 would be incurred, and 8,900 direct labor hours would be worked.During March, 11,000 hours were actually worked. Use this information to determine the standard overhead rate.Round to closest cent.

• If sales are $820,000, variable costs are 55% of sales, and operating income is $260,000, what is the contribution margin ratio?

• During FY 2020 Bay Manufacturing had total manufacturing costs are $438,000. Their cost of goods manufactured for the year was $431,000.The January 1, 2021 balance of Work-in-Process Inventory is $59,000. Use this information to determine the dollar amount of the FY 2020beginning Work-in-Process Inventory. Round to a whole number (no cents).

• Annapolis Clothing Company manufactures quality boating attire.The following selected financial information for the fiscal year 2020 is provided:

Sales - $200,000

Cost of Goods Manufactured - 56,000

Direct Material Purchased - 80,000

Factory Overhead - 20,000

Work in Process - January 1 - 60,000

Work in Process - December 31 - 30,000

Direct Material - December 31 - 20,000

Finished Goods Inventory - December 31 - 38,000

Net Income - 30,000

Direct Materials used - 60,000

Cost of Goods Sold - 53,000

Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2020. Round to a whole number (no cents).