Moyt SAMPLE QUESTION 2 Haughton Company uses a job costing system for its production costs and a predetermined factory overhead rate based on direct labor costs to apply factory overhead to all jobs. During the month of July, the firm processed three jobs: X13, X14, and X15, of which X13 was started in June. Inventories July 1. July 31. Direct Materials 36,500 ? Work-in-Process 41,000 ? Finished Goods 0 0 Cost of Goods Sold ? Direct materials purchased in July 55,000 Materials issued to production: X13 16,380 X14 24,220 X15 14,000 54,600 Factory labor hours used ($30/hour): X13 3,500 X14 2,800 X15 1,600 Indirect labor 6,900 207,000 Other factory overhead costs incurred: Rent 131,500 Utilities 180,600 Repairs and maintenance 188,500 Depreciation 131,100 Other 56,000 687,700 As of July 31, Job X13 was sold and Jobs X14 and X15 were still in process. Total factory overhead applied in July was $900,600. Required 1. Compute the predetermined factory over head rate. 2. Compute the amount of the Direct Materials account at the end of July. 3. Compute the actual factory overhead cost incurred during the month of July. 4. Compute the ending balance of the Work-in-Process Inventory account for July. J 5. Prepare the Statement of Cost of Goods Manufactured for July. 6. Compute the amount of overapplied or underapplied overhead. 7. What is the cost per unit of Job X13 if it has a total of 100 units? 8. Prepare the Statement of Cost of Goods Sold for July