ercise 6 Jolo Co. had the following balances and information for October. eg, finis edg d inventory Beg. work in process inventory $2 Beg. raw materials inventory $6 End, finished goods inventory = $6 End. work in process inventory $4 End. raw materials inventory= $10 raw material purcna ses =>4U Factory wages paid $60 inure c materials = >4 Indirect labor $14 Other overhead costs =$36 Sales-$220 Predetermined overhead rate - 200% direct materials 36 a) Cost of raw materials used equals: b) Cost of direct materials equals: c) Cost of direct labor equals: d) Manufacturing overhead applied equals: e) Total manufacturing costs equal: f) Cost of goods manufactured equals: 8) Cost of goods sold* equals: h) Gross profit equals: 32 Don't worry about over or underapplied overhead cise 7 At the beginning of 201X, YourCo. estimated total manufacturing overhead costs for the year of $260 an that direct labor costs would total $650. a) What is the predetermined overhead rate for 201X if YourCo uses DL as its allocation base? b) Job 103 had $40 direct labor. How much overhead was applied to it? c) During 201X, Your Co's actual overhead incurred totalled $312 and actual direct labor costs were $585. Was factory overhead under or over applied? d) What is the amount of under or over applied factory overhead based on the data from part C