Exercise 6 JoJo Co. had the following balances and information for October. Beg. finished goods inventory = $18 Beg. work in process inventory = $3 Beg. raw materials inventory = $9 End. finished goods inventory = $9 End. Work in process inventory = $6 End. raw materials inventory = $15 Raw material purchases = $60 Factory wages paid = $90 Indirect materials = $6 Indirect labor = $21 Other overhead costs = $54 Sales = $330 Predetermined overhead rate = 200% direct materials X X X x a) Cost of raw materials used equals: b) Cost of direct materials equals (RM - Ind Materials): c) Cost of direct labor equals (Factory wage - Ind Labor): d) Manufacturing overhead applied equals: e) Total manufacturing costs equal: f) Cost of goods manufactured equals: g) Cost of goods sold* equals: h) Gross profit equals: * Don't worry about over or underapplied overhead X X Exercise 7 At the beginning of 201X, YourCo. estimated total manufacturing overhead costs for the year of $520 and that direct labor costs would total $1300. X X a) What is the predetermined overhead rate for 2018 if YourCo uses DL as its allocation base? (Calc and then enter answer.) b) Job 103 had $80 direct labor. How much overhead was applied to it? c) During 201X, Your Co's actual overhead incurred totalled $624 and actual direct labor costs were $1170. Was factory overhead under or over applied? X d) What is the amount of under or over applied factory overhead based on the data from part C? X