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PROBLEM 2 ( 3 5 % ) The following is Kokona Company's inventory balance on February 1 , 2 0 2 4 : WIP Inventory

PROBLEM 2(35%)
The following is Kokona Company's inventory balance on February 1,2024:
WIP Inventory includes the following three jobs:
Finished goods inventory is Job 39 which was completed at the end of January 2024.
During February, Kokona Company made the following transactions:
a. Purchased raw materials on credit amounting to IDR 21.000.000.
b. Use direct materials for:
Job 40=Rp12.500.000
J Job 41=Rp11.200.000
Job 42=Rp5.500.000
c. Collect job tickets for direct labor:
Job 40=250 hours, with wages Rp 12.000 per hour of direct labor
Job 41=275 hours, with wages Rp 15.000 per hour of direct labor
Job 42=140 hours, with wages Rp 20.000 per hour of direct labor
d. Overhead is allocated to Jobs based on direct labor costs.
e. Actual overhead costs were totalling Rp 8.718.000.
f. Complete and transfer Job 40 to the finished goods warehouse.
g. Send Jobs 39 and 40 to the customer and bill at 130 percent of production costs.
h. Adjustments for over/underapplied OH to the COGS account are made at the end of
each month.
Required:
Calculate the predetermined overhead rate.
Calculate the ending balance of materials inventory at the end of February 2024.
Calculate the ending balance for Job 40, Job 41, and Job 42 at the end of February
Calculate the WIP inventory balance at the end of February 2024.
Determine the amount of over/underapplied overhead for February 2024.
Calculate the reported gross profit for February 2024.
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