Raw materials Work in process Finished goods 563.ece $ 22,200 $ 52,500 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.50 per direct labor-hour was based on a cost formula that estimated $460,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year ces a. Raw materials were purchased on account, $618,000 b. Raw materials used in production, $569,400. All of of the raw materials were used as atract materials. c. The following costs were accrued for employee services direct labor. $410,000: indirect labor. 5150.000; selling and administrative salaries. $338.000 d. Incurred various selling and administrative expenses 10.9. advertising, sales travel costs, and finished goods Warehousing). $382.000 e. Incurred various manufacturing overhead costs (eg. depreciation Insurance, and utilities. $310.000. Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor hours on all jobs during the year ai Jobs costing $1.372.600 to manufacture according to their job cost sheets were completed during the year, n Jobs were cold on account to customers during the year for a total of $3.202.500. The jobs cost $1382.600 to manufacture according to their job cost sheets Foundational 3-10 (Algo) 10 What is the cost of goods avariable for sale during the year Cost of goods for sale Raw saterials Work in process Finished goods $ 63,000 $ 22,200 5 52.500 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.50 per direct labor-hour was based on a cost formula that estimated $460,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year. a. Raw materials were purchased on account. $618.000. b. Raw materials used in production, $569,400. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services: direct labor, $410,000: Indirect labor, $150,000; selling and administrative salaries. $338.000 d. Incurred various selling and administrative expenses (e.g. advertising, sales travel costs, and finished goods Warehousing, $382.000. e. Incurred various manufacturing overhead costs (9. depreciation Insurance, and utilities), $310.000. - Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year g. Jobs costing $1372.600 to manufacture according to their job cost sheets were completed during the year h Jobs were sold on account to customers during the year for a total of $3.202500. The jobs cost $1,382.600 to manufacture according to their job cost sheets Foundational 3.12 (Algo) 12 What is the ending balance in Finished Goods? Finished Goods Beg bal Ene bal a. Raw materials were purchased on account. $618,000. b. Raw materials used in production, $569400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $410,000. Indirect labor, $150,000, selling and administrative salaries. $338.000 d. Incurred various selling and administrative expenses (@.9. advertising, sales travel costs, and finished goods warehousingi. $382.000 e Incurred various manufacturing overhead costs (e.g. depreciation, Insurance, and utes. $310,000 Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor-hours on all 9 Jobs costing $1.372600 to manufacture according to their job cost shoots were completed during the year h. Jobs were sold on account to customers during the year for a total of $3.202500 The jobs cost $1.382.600 to manufacture according to their job cost sheets Foundational 3-14 (Algo) 14. What is the gross margin for the year? Drosmarin