On October 1, the company had two jobs in work in process as follows:

Job 6 $18,000

Job 8 $16,000

On October 1, the company had two jobs in Finished Goods as follows:

Job 7 $36,000

Job 10 $55,000

Jobs 12 and 13 were started during the month.

a. Materials were purchased on account in October for $55,000

b. Materials were requisitioned for use in production.

The direct materials were distributed as follows:

Job #6 $5,000

Job #8 $8,000

Job #12 $22,000

Job #13 $6,000

c. Direct labor was incurred in October. The direct labor was distributed as follows:

Job #6 $30,000 J

ob #8 $20,000

Job #12 $40,000

Job #13 $10,000

d. Overhead is applied using camera hours. Budgeted overhead for the coming year is $800,000

Estimated camera hours is the cost driver and is $250,000 camera hours

The following is the distribution of Camera hours (CH) for October:

Job #6 3,000 CH

Job #8 4,000 CH

Job #12 11,000 CH

Job #13 2,000 CH

e. Actual overhead for October was $65,000

f. Job Nos. 8 and 12 were completed during the month.

g. Job Nos. 7, 8, and 12 were sold to customers on account during October at 135% of cost

h. Any over-or underapplied overhead is closed to Cost of Goods Sold.

1. What was the total beginning balance (October 1 st ) of Work in process?

2. What was the beginning balance (October 1 st ) of Finished Goods?

3. Calculate the overhead rate based on camera hours

4. Calculate the total costs assigned to jobs 6,8,12,13. Show the total costs assigned to each of the jobs individually. Job 6 Job 8 Job 12 Beginning Balance Direct Materials Direct Labor Applied Overhead Total

5. What is the ending balance in Work in Process on October 31. Give the applicable Job number(s), dollar amount for each job, and total ending Work in Process.

6. What is the ending balance in finished goods on October 31. Give the applicable Job number(s), dollar amount for each job, and total ending Finished Goods.

7. Calculate the cost of goods sold for the month ending October 31. Give the applicable Job number(s), dollar amount for each job, and total for Cost of Goods Sold.

8. Calculate the total sales for the month ending October 31.

9. Determine the over or underapplied overhead for the month and indicate whether the amount is under or overapplied.

10. Prepare journal entries in good form to record each of the A thru H transactions listed at the beginning of this part. Make sure you designate each transaction with the applicable alpha label. a. Debit Credit