Problem 1

The following financial information is for Danville Company. (Note that the most current financial information is presented in the first column.)

December 31,2021 December 31,2020

Raw materials inventory $ 8,000 $ 10,000

Work-in-process inventory $600,000 $550,000

Finished goods inventory $350,000 $410,000

Of the total raw materials placed in production for the year, $12,000 was for indirect materials. The company also had the following costs for the year:

Selling $ 90,000

General and administrative $240,000

Raw materials purchases $100,000

Direct labor used in production $125,000

Manufacturing overhead $630,000

Required: (See figure 1.7 on p. 48 in the PDF text for examples of each of these schedules).

1. Prepare a schedule of raw materials placed in production for the year ended December 31, 2021.

2. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2021.

3, Prepare a schedule of cost of goods sold for the year ended December 31, 2021.

Problem 2 (see job costing worksheet completed in class that is similar to this problem).

Weaver Company assigns overhead on the basis of direct labor hours. The cost accountant estimates that total overhead costs for the year are expected to be $320,000 and that a total of 40,000 direct labor hours will be worked.

The following information pertains to Job A-200:

Direct materials	$250
Direct labor hours worked	25
Hourly wage rate	$12
Units produced	50
Actual overhead costs incurred for Job A-200	$235

Required:

1. Calculate the predetermined overhead rate for Weaver Company for the year?

2. Calculate the total product cost and cost per unit for Job A-200.

3. Calculate the amount of underapplied or overapplied overhead for Job-A200. Make sure to the label the amount as overapplied or underapplied.