Job-Order Costing: Cost of Direct Materials, predetermined overhead rate, cost of overhead applied, actual overhead costs, over-applied or under-applied, total cost of goods manufactuered, adjusted COGS, Operating income.

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Question 1: Job-order Costing Spencer Company produced 100,000 bobbleheads during the past calendar year. The bobbleheads sell for $12 each. Spencer's accounting records provide the following information for the past year: Direct materials inventory, January 1 20,000 Direct materials inventory, December 31 35,000 Work in process inventory, January 1 40,000 Work in process imentory, December 31 50,000 Finished goods inventory, January 1 Finished goods inventory, December 31 100,000 President's salary Purchases of direct materials for the production of bobbleheads 115 000 Cost of janitorial supplies the jamtors work in the factory) 10.000 Wages of assembly-line workers 250,000 Cost of promotional displays 20,000 Assembly line supervisors salary 50,000 Cost accountant's salary the accountant works in the factory) 60.000 Cost of market research survey 15,000 Sales commissions paid as a percent of sales 2.5% Depreciation of administrative office building 10.000 Depreciation of factory building 40,000 tilities, factory 50,000 Spencer Company uses normal costing and applies overhead on the basis of machine hours. At the beginning of the year, Spencer estimated its total manufacturing overhead cost would be $215,000. Spencer estimated 100,000 machine hours would be used in production during the year. 95,000 machine hours were actually used. Required: 1. What the cost of direct materials used in production for the year? is predetermined overhead rate for Spencer Company? 2. What the is the cost of overhead applied to production during the year 3. What is 4. How much actual overhead cost did Spencer Company incur during the year? manufacturing overhead over-applied or under-applied? y how much was overhead over or under applied? 7. What the total cost of goods manufactured for the year? is 8. What is the adjusted cost of goods sold amount after adjusting for the overhead variance? 9. What was Spencer Company's operating income for the year