Problem 2: Asher Company uses normal job-onder costing in its costing system. Partially completed T accounts and additional information for Asher Company for 2007 are as follows: Direct Materials Work-in-Process Finished Goods BB S 35 000 $ 430000 BB $25000 BBS 15 000 SI 100 000 $1125 000 $ 470000 DL cost $435000 Manufacturing Overhead Cost of Goods Sold $655 000 Additional information: a. Direct manufacturing wage rate was $15 per hour, b. Manufacturing overhead was applied at a rate of $24 per DLH. c. During the year, sales revenues were $1'400'000 and Selling & Administrative costs were $180'000. Required: 1. What was the amount of DM used in production during 2007? (5 marks) 2. What was the amount of MO applied to jobs during 2007? (5 marks) 3. What was the total cost of the jobs completed during 2007? (5 marks) 4. What was the balance of WIP inventory on Dec 31, 2007? (5 marks) 5. What was the unadjusted COGS (before adjusting for any under-or overapplied OH)? (5 marks) 6. What was the under-or overapplied MO in 2007? (5marks) 7. Identify WIP, FG, and COGS ending balances assuming that company writes off any under- or overapplied OH from COGS. (5 marks) 8. Identify WIP, FG, and COGS ending balances assuming that company closes any under- or overapplied OH by allocating it among ending balances of WIP, FG, COGS accounts. (5 marks) Note: Total 40 marks