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A1 vi XV fx Widget Co. has the following data available relative to its investment in materials: A B C D E F G H Widget Co. has the following data available relative to its investment in materials: IN W Number of units of material used annually 20,000 Number of workdays in a year 250 Cost of placing an order $20 Annual carrying cost per unit of inventory $5 8 Deliverables 9 1. Compute the economic order quantity (please show your work/formula). 10 11 12 13 14 2. Give some examples of order costs and carrying costs. 15 16 Order costs: 17 18 Carrying costs: 19 20 21 3. Using the above data, compute the order size that results in the minimum total order and carrying cost by completing the following table.24 Deliverable 4 25 Show how the costs of the completed houses equals the ending balance in 26 Finished goods inventory. 27 28 29 Widget Construction, Inc. 30 Reconciliation of Finished goods inventory Subsidiary 31 and Control Accounts Total Finished 32 House#402 Goods Bal. 33 Completed, unsold house: 34 Direct materials 35 Direct labor 36 Manufactoryad -40% of labor 37 Total cost = Finished Goods bal. S 38 39 40Deliverable 5 Compute the gross profit for the house that was sold. Widget Construction, Inc. Gross profit on Homes Sold in August House #404 Sales revenue Less: Cost of goods sold Gross profit3. Using the above data, compute the order size that results in the minimum total order and carrying cost by completing the following table. Cost per order x Annual carrying cost # of Annual Units Order Size Order Size/2 per unit x Avg Inv Order Size Number of Orders | Total Order Cost Average Inventory | Total Carrying Cost | Total Order and Carrying Costs 100 200 300 0 400 500 600 4. If the company requires a safety stock of 200 units and has an anticipated lead time of 5 days, what is the re-order point (please show your work/formula)?A B D E F G H K Widget Construction, Inc., is a home builder in New Mexico. Widget uses a job order costing system in which each house is a job. The following events occurred during August: & UN a. Purchased Materials on account $470,000 Deli b. Incurred Construction wages of $230,000. Requisitioned direct materials and used direct labor in construction: Direct Materials Direct Labor House 402 58,000 40,000 House 403 63,000 34,000 $ 177,000 House 404 60,000 52,000 $ 221,000 House 405 89,000 51,000 c. Deprecation of construction equipment $6,800 d. Other overhead costs incurred on houses 402 through 405. Indirect Labor 44,000 Equipment rentals in cash 33,000 15 Worker liability insurance expired 7,000 16 e. Allocated overhead to jobs at the predetermined rate of 40% of direct labor cost 17 f. Houses completed 402 and 404 18 g. House 404 Sold for $220,000 19 20 Deliverable 1 . 21 Record the events in the general journal. Start with the entry from event (a). 22 23 Journal Entry 24 Date Accounts Debit Credit 25 a. Raw Materials Inventory 26 Accounts PayableDeliverables 1. Record the events in the general journal 2. Post the appropriate entries to the T-accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. 3. Add the costs of the unfinished houses, and show that this total amount equals the ending balances in the Work in process inventory account. 4. Add the cost of the completed house that has not yet been sold, and show that this equals the ending balance in Finished goods inventory. 5. Compute gross profit on the house that was sold. What costs must gross profit cover for Sherborn Construction?Deliverable 1 Record the events in the general journal. Start with the entry from event (a). Journal Entry Date Accounts Debit Credit a. Raw Materials Inventory Accounts Payable Event (b) has two journal entries to record. First record the construction wages. Journal Entry Date Accounts Debit Credit b. Factory Payroll Wages Payable Now record the requisitioned direct materials and direct labor used. Journal Entry Date Accounts Debit Credit b. Work in Process Inventory Raw Materials Inventory Factory PayrollNext record the depreciation of construction equipment, $6,800. Journal Entry Date Accounts Debit Credit C. Construction overhead Accumulated depreciation - equipment Record the overhead costs incurred on houses 402 through 405. Journal Entry Date Accounts Debit Credit d. Construction overhead Construction wages Cash Prepaid insurance Record the allocated overhead to jobs at the predetermined rate of 40% of direct labor cost Journal Entry Date Accounts Debit Credit e. Work in process inventory Construction overheadRecord the completed houses 402 and 404 in event (f). Journal Entry Date Accounts Debit Credit f. Finished goods inventory Work in process inventory Begin by recording the revenue from the sale of house 404. Journal Entry Date Accounts Debit Credit g. Accounts receivable Sales revenue Next record the cost of goods sold from the sale of house 404. Journal Entry Date Accounts Debit Credit g. Cost of goods sold Finished goods inventory86 87 Deliverable 2 88 Post the appropriate entries to the Work in process inventory and Finished goods 89 inventory T-accounts. Identify each entry by letter and determine the ending account 90 balances. The sharded area is for the letter. 91 92 93 Work in process inventory 94 (b) (f ) 95 (e) 96 97 Bal. 98 99 100 Finished goods inventory 101 (f) (g) 102 103 104 Bal. 105Deliverable 3 Show how the costs of the unfinished houses equals the ending balance in Work in process inventory." Widget Construction, Inc. Reconciliation of Work in process inventory Subsidiary and Control Accounts Total WIP House #403 House #405 Balance Unfinished houses: Direct materials Direct labor Manufactoryad -40% of labor Total costs = Work in Process S S