Exercise $7-29($Static$)$ Assigning Costs to Jobs $($LO $7-1,2)$

Partially completed T$-$accounts and additional information for Dumfries Designs for the month of August follow:

Materials Inventory

Debit Credit

BB $(8/1)165,000$

$682,000610,000$

Work$-$in$-$Process Inventory

Debit Credit

BB $(8/1)307,000$

Labor $576,800$

Finished Goods Inventory

Debit Credit

BB $(8/1)589,000$

$960,000777,500$

Cost of Goods Sold

Debit Credit

Manufacturing Overhead Control

Debit Credit

$462,300$

Applied Manufacturing Overhead

Debit Credit

$453,200$

Additional information for August follows:

The labor wage rate was $$28$ per hour.

During the month, sales revenue was $$1,730,000,$ and selling and administrative costs were $$324,600.$

This company has no indirect materials or supplies.

The company applies manufacturing overhead on the basis of direct labor$-$hours.

Required:

What was the cost of direct materials issued to production during August?

What was the over$-$ or underapplied manufacturing overhead for August?

What was the manufacturing overhead application rate in August?

What was the cost of products completed during August?

What was the balance of the Work$-$in$-$Process Inventory account at the end of August?