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FIF Corporation started operations this year. As the year went on, they compiled the following information on jobs worked (these are the only jobs for

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FIF Corporation started operations this year. As the year went on, they compiled the following information on jobs worked (these are the only jobs for the year): Job# Direct Labor Labor hours Job Status 656 33 Direct Materials $2,048 $2,859 $1,864 $1,903 50 Sales Price when sold $8,205 $12,388 $7,553 $7,602 $1,250 $2,116 $1,156 $1,142 657 658 659 Complete and not sold Complete and sold Complete and not sold Not Complete 31 31 FIF Corporation determined at the beginning of the year that $25 per Labor hour would be an appropriate POHR. As it turns out, throughout the year, overhead incurred totaled $3,117. Over or Under applied overhead is always considered to be immaterial and necessary steps should be taken to close the Overhead account prior to answering the questions below. Make the necessary calculations to determine the following items for the year just ended (round to the nearest whole dollar/input code: 0); Ending balance of Work in process account $ Ending balance of Finished goods account $ $ Ending balance of Overhead account after closing overhead Total Sales $ Total Cost of goods sold after closing overhead $ Gross profit as reported on the Income Statement $ Over/Underapplied overhead (enter overapplied as a positive Inumber and underannlied as a negative number) $ FIF Corporation started operations this year. As the year went on, they compiled the following information on jobs worked (these are the only jobs for the year): Job# Direct Labor Labor hours Job Status 656 33 Direct Materials $2,048 $2,859 $1,864 $1,903 50 Sales Price when sold $8,205 $12,388 $7,553 $7,602 $1,250 $2,116 $1,156 $1,142 657 658 659 Complete and not sold Complete and sold Complete and not sold Not Complete 31 31 FIF Corporation determined at the beginning of the year that $25 per Labor hour would be an appropriate POHR. As it turns out, throughout the year, overhead incurred totaled $3,117. Over or Under applied overhead is always considered to be immaterial and necessary steps should be taken to close the Overhead account prior to answering the questions below. Make the necessary calculations to determine the following items for the year just ended (round to the nearest whole dollar/input code: 0); Ending balance of Work in process account $ Ending balance of Finished goods account $ $ Ending balance of Overhead account after closing overhead Total Sales $ Total Cost of goods sold after closing overhead $ Gross profit as reported on the Income Statement $ Over/Underapplied overhead (enter overapplied as a positive Inumber and underannlied as a negative number) $

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