Job Costing Example Fantastic Props, Inc. designs and fabricates one of a kind movie props such as a prop robot. The firm uses a job-order cost system. At the start of 2017, the company had only one job in the beginning work in process inventory, Job 101. The costs associated with Job 101, as recorded on its Job Cost Sheet as of Jan. 1. 2017 was S50,000. During 2017 the company worked on Job 101 and started on two other jobs, Job 102 and Job 103. The following direct material and direct labor costs were incurred during 2017: Job 101 102 103 Direct Materials S 40,000 50,000 70,000 S160000 Direct Labor 30,000 60,000 $0,000 S170.000 Total The company uses a predetermined overhead rate of 150 percent of direct labor costs. Each year, all underapplied or overapplied overhead is closed out to the costs of goods sold. Actual overhead costs of S247.000 were incurred in 2017. In 2017, Job 101 and Job 102 were completed and sold. Job 101 was sold for S500,000 and Job 102 was sold $450,000. Job 103 remains in work in process at the end of 2017. There was no beginning finished goods inventory. Required: (show calculations) 1 Calculate how much overhead was applied in 2017 2. How much underapplied or overapplied overhead occurred in 2017? Be sure to indicate whether manufacturing overhead was 3. Determine the total costs of Job 101 i.e., the total amount of costs that would have been reported on the job cost sheet for Job 101) 4. Determine the total cost of Job 102. 5. Determine the total cost of Job 103 6. What amount of costs are in the ending work in process inventory for 2017? 7. What is the cost of goods manufactured for 2017? 8. What was the cost of goods sold for 2017 before the disposition of underapplied or overapplied overhead 9. What is the costs of goods sold for 2017 after the disposition of underapplied or overapplied overhead