Problem 3.56: Baber, Inc., manufactures custom scaffolding used in construction projects. The following data pertain to its operations for the most recent vear: You also know that Baber Inc., uses two allocation bases to charge overhead to products. It calculates a rate of 20% of materials cost for materials related overhead. The rate for all other manufacturing overhead is 150% of labor cost. a. Calculate the cost of raw materials issued out to WIP during the year. b. Calculate the cost of manufacturing overhead charged to production. c. Calculate the cost of goods manufactured during the year. d. Calculate the cost of goods sold during the year. e. Prepare a GAAP income statement. f. For a particular custom truss, Baber informs you that it incurred $7,800 toward materials and $12,300 toward labor costs. What is the inventoriable cost of this truss? g. Comment on whether the value of the units as reported in the ending inventory account is a good estimate of the products' costs for decisions such as setting pricing. Problem 3.51: Pringle and Company manufacture several kinds of canoes. This past year, Pringle spent $11,750,000 on fixed manufacturing costs, $1,762,500 on fixed selling and administrative costs, and $23,500,000 for direct labor. Pringle produced 58,750 canoes and sold 55,000 during the year. The following table provides the direct materials and labor costs for three of Pringle's canoes: a. GAAP dictates that all manufacturing costs be included in product cost. Assume that Pringle allocates fixed costs using the number of units produced as the allocation basis. Under GAAP, what is the inventoriable cost per unit of each of the three canoes? b. Assume that Pringle allocates fixed costs using direct labor costs as the allocation basis. Under GAAP, what is the inventoriable cost per unit of each of the three canoes? c. Compare the answers to parts [a] and [b]. Comment on any differences in inventoriable cost