Howard Jones is the Chief Financial Officer (CFO) for Swan Company which makes special order printers for personal computers. As his assistant, he wants you to compute certain items of information for the month of March that he needs for a meeting with the president. The attached information is available concerning the jobs in process as of March 31. At the beginning of the fiscal year (January 1), the company budgeted manufacturing overhead of $300,000 for the year. The company applies overhead based on direct labor cost. The company estimated that its direct labor cost for the year would be $250,000. Actual sales for the month of March were $128,000, which represented a 60% markup above cost. The records attached provide information for the month of March operations. REQUIRED: (1) (2) (3) Set up T accounts for the following accounts. Direct Materials Inventory Work in Process Inventory Finished Goods Inventory. Cost of Goods Sold Enter the amounts from the attached information that pertains to each of these accounts for the month of March. Compute the cost of goods sold for the month of March. Compute the ending balances in all of the inventory accounts. SWAN COMPANY INFORMATION RELATING TO JOBS IN PROCESS AS OF MARCH 31 Direct Materials Job Number AJ-10 AJ-14 AJ-30 AJ-16 Beginning Inventory Balances: Direct Materials Work in Process Finished Goods Inventory SWAN COMPANY INFORMATION FOR OPERATIONS OF COMPANY FOR MONTH OF MARCH Direct Materials Purchases: March 5 March 15 March 25 $ Direct Labor Costs: March 15 March 31 Direct Materials Usage: March 6 March 16 March 27 3,200 $ 3,900 3,250 4,300 Direct Labor $ 1,900 2,200 1,600 2,400 27,600 21,500 18,750 7,800 8,400 6,250 14,300 14,850 9,200 6,250 8,000 (1) BB CALCULATION Budgeted manufacturing overhead Divided by budgeted allocation base Predetermined manufacturing overhead rate per direct labor dollar BB EB SWAN COMPANY OF PREDETERMINED MOH RATE 300 SWAN COMPANY T ACCOUNTS FOR GENERAL LEDGER ACCOUNTS FOR MONTH OF MARCH Direct Materials Inventory Finished Goods Inventory BB EB Work in Process Inventory BB Cost of Goods Sold (2) (3) CALCULATION OF ITEMS FOR T ACCOUNTS SWAN COMPANY SWAN COMPANY CALCULATION OF COST OF GOODS SOLD FOR MONTH OF MARCH SWAN COMPANY CALCULATION OF ENDING BALANCES IN INVENTORY ACCOUNTS AT END OF MARCH DM Ending Inventory Balance FG Ending WIP Ending Inventory