Stockman Co. began 2010 with thrree jobs in process:

Type of Cost

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Job No. Direct Material Direct Labor Overhead Total

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247 $77,200 $91,400 36,560 $205,160

251 176,600 209,800 83,920 470,320

253 145,400 169,600 67,840 382,840

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Totals $399,200 $470,800 $188,320 $1,058,320

During 2010, the following transactions occured:

1. The firm purchased and paid for $542,000 of raw material.

Factory payroll records revealed the following:

- Indirect labor incurred was $54,000.

- Direct labor incurred was $602,800 and was associated with the jobs as follows:

Job No. Direct Labor Cost

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247 $ 17,400

251 8,800

253 21,000

254 136,600

255 145,000

256 94,600

257 179,400

3. Material requistion forms issued during the year revealed the following:

- Indirect material issued totaled $ 76,000

- Direct material issued totaled $ 466,400 and was associated with jobs follows:

Job No. Direct Material Cost

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247 $ 12,400

251 6,200

253 16,800

254 105,200

255 119,800

256 72,800

257 133,200

4. Overhead is applied to jobs on the basis of direct labor cost. Managment budgeted overhead of $ 240,000 and total direct labor cost of $ 600,000 for 2010. Actual total factory overhead costs ( including indirect labor and indirect material for the year totaled $ 244,400.

5. Jobs #247 through #255 were completed and delivered to customers, who paid for the goods in cash. The revenue on these jobs was $ 2,264,774.

a. Journalize all preceding events.

b. Determine the ending balances for the jobs still in process.

c. Determine the cost of jobs sold, adjusted for underapplied or oveapplied overhead.