Problem 15-1B Production costs computed and recorded; reports prepared C2 P1 P2 P3 P4 Perez Mfg.'s August 31 inventory of raw materials is $150,000. Raw materials purchases in September are $400,000, and factory payroll cost in September is $232,000. Overhead costs incurred in September are: indirect materials, $30,000; indirect labor, $14,000; factory rent, $20,000; factory utilities, $12,000; and factory equipment depreciation, $30,000. The predetermined overhead rate is 50% of direct labor cost. Job 114 is sold for $380,000 cash in September. Costs for the three jobs worked on in September follow. Balances on August 31 Job 114 Job 115 Job 116 Direct materials $ 14,000 $ 18,000 Direct labor 18,000 16,000 Applied overhead 9,000 8,000 Costs during September Direct materials 100,000 170,000 $ 80,000 Direct labor 30,000 68,000 120,000 Applied overhead 2 ? Status on September 30 Finished (sold) Finished (unsold) In process Determine (note that indirect labor and indirect materials will be removed from the exam questions): 1. Ending RMI 2. Ending WIP 3. Ending FGI 4. Cost of Goods Manufactured 5. COGS 6. Gross Profit 7. journal entry for under/overapplied factory overhead 8. Assume the same facts as the question EXCEPT the the amount of overapplied factory overhead is $80,000. Prepare the journal entry assuming that the underapplied factory overhead is now $80,000