Magic Lens Inc., produces high-quality MRI Scanners for health-care and education uses. The

company uses a job order costing system. Because the scanners' optics require significant

manual labor to ensure adherence to strict manufacturing specifications, the company applies

overhead on the basis of direct labor hours. At the beginning of 2015, the company estimated

its manufacturing overhead would be $1,960,000 and that employees would work a total of

98,000 direct labor hours.

During March, the company worked on the following five jobs:

\"mm umuenr Emmi-ins. Edwin Ethd shim athtl {him alibi dilly [d3 Bdrm mm M Ehth 134 $1 13,330 new $5,400 150 153 121,45!) 2I sou 12,1454: 3130 212 2 1 eat: 36.4130 36,.du 3.450 23? 34,350 maoo 3 1 .3511 2.200 3131 13.990 2 1.845 1.400 mm m $111155 Ell!) Jobs 134 and 153 vvere started in Januarv. Jobs 212 and 28? were started in Februa rv. and Job 301 was started in March. During March, workers completed Jobs 134, 11-2-3r and 212. Jobs 134 and 212 were delivered to customers dun' ng March. Actual overhead for the month of March 1rvas $126,303 Rguired: a:- CaIcuIate the predetermined overhead rate used by Magic Lens Inc.r in 231?. b] Calculate the total manufacturing cost for March. c] Calculate the total oost for each of the ve jobs as of March 31. :1] Calculate the cost of goods manufactured for March. e1 Calculate the balance in the Work in Progress Inventorv account as of March 31. 1] Calculate the Cost of Goods Sold for March. g] Calculate the balance in the Finished goods Inventorv account as of March 31. h] Magic Lens Inc.r incurred 3126.3110 manufacturing overhead in the month of March. Given that expenditure for overhead. vvas manufacturing overhead under or over- aoolied in March? 31; how much? ii Assume that Magic Lens Inc.. closes under or overapplied overhead to the Cost of Goods Sold account. Calculate the Cost of Goods Sold amount after that adjustment