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Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost, Unit Cost On August 1, Cairle Companys work-in-process inventory consisted of three jobs with the

Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost, Unit Cost

On August 1, Cairle Companys work-in-process inventory consisted of three jobs with the following costs:

Job 70 Job 71 Job 72
Direct materials $1,500 $2,000 $850
Direct labor 1,900 1,200 900
Applied overhead 1,520 960 720

During August, four more jobs were started. Information on costs added to the seven jobs during the month is as follows:

Job 70 Job 71 Job 72 Job 73 Job 74 Job 75 Job 76
Direct materials $800 $1,235 $3,600 $5,000 $300 $560 $80
Direct labor 1,000 1,400 2,200 1,800 600 850 170

Before the end of August, Jobs 70, 72, 73, and 75 were completed. On August 31, Jobs 72 and 75 were sold.

Required:

1. Calculate the predetermined overhead rate based on direct labor cost. fill in the blank 1 % of direct labor cost.

2. Calculate the ending balance for each job as of August 31.

Ending Balance
Job 70 $fill in the blank 2
Job 71 $fill in the blank 3
Job 72 $fill in the blank 4
Job 73 $fill in the blank 5
Job 74 $fill in the blank 6
Job 75 $fill in the blank 7
Job 76 $fill in the blank 8

3. Calculate the ending balance of Work in Process as of August 31. $fill in the blank 9

4. Calculate the cost of goods sold for August. $fill in the blank 10

5. Assuming that Cairle prices its jobs at cost plus 30 percent, calculate Cairles sales revenue for August.

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