The Diamond State Company uses a normal job-order costing system in its only production department. Overhead is applied to jobs by a plant-wide overhead rate based on direct labor hours. The first year of operation began on December 1, 2019. During the month of December 2019, Diamond State purchased direct materials with a total cost of $7,000. Of the $7,000, Diamond State used $1,500 on Job 100. Job 100 was the only job worked during the month of December 2019. Diamond State also charged $1,300 in Direct Labor and $900 in Applied Overhead to Job 100 in December. JOB 100 WAS NOT FINISHED IN DECEMBER 2019, SO THE ENDING WIP INVENTORY FOR DECEMBER 31, 2019 WAS $3,700 ALL ON JOB 100. (Hint - remember to set up your Materials Inventory and calculate your ending materials inventory.

For the new year (1/1/2020-12/31/2020), Diamond State had the following transactions. REMEMBER TO TAKE INTO CONSIDERATION THE ABOVE INFORMATION WHEN SETTING UP YOUR JOB SCHEDULE AS WE DID IN CLASS!!

1. Estimates for 2020 include $500,000 in Overhead and 40,000 in Direct Labor Hours.

2. Direct Materials purchased during 2020 cost a total of $100,000

3. Direct Materials used on the jobs during 2020 as follows:

Jobs	Direct Material Cost
Job 100	$12,100
Job 101	$21,500
Job 102	$23,000
Job 103	$16,500
Job 104	$12,400

4. During 2020, Direct Labor HOURS incurred on each job are in the following table. The DIRECT LABOR RATE FOR THESE HOURS WAS $25.00 PER HOUR AND WOULD BE USED TO CALCULATE DIRECT LABOR COST.

Jobs	Direct Labor HOURS
Job 100	8,000 Direct Labor Hours
Job 101	7,000 Direct Labor Hours
Job 102	10,000 Direct Labor Hours
Job 103	6,000 Direct Labor Hours
Job 104	5,000 Direct Labor Hours

5. By December 31, 2020:

- All of Job 100 and 101 were completed. Job 100 consisted of 10,000 units and Job 101 consisted of 25,000 units

6. By December 31, 2020:

-All of Job 100 was sold for $95.00 per unit. In addition, 20,000 of the 25,000 units of Job 101 were sold for $20 per unit.

SUPER HINT! DON'T FORGET THAT YOU NEED APPLIED OH ON YOUR JOBS AS WELL AS DM & DL!

HERE ARE YOUR QUESTIONS - BE SURE YOU PUT IN $ SIGNS and COMMAS AS NEEDED WITH EACH OF YOUR ANSWERS. FOR EXAMPLE, IF YOUR ANSWER IS 10000...YOU WOULD INSERT $10,000; 100000 WOULD BE $100,000 OR 1000 WOULD BE $1,000. IF THE ANSWER IS 0, YOU WOULD INSERT $0.

YOU SHOULD ROUND TO THE NEAREST DOLLAR ("NO CENTS") IN YOUR ANSWER.

What is the Beginning Materials Inventory for 1/1/2020?

What is the Ending Materials Inventory for 12/31/2020?

What is the Beginning Work in Process Inventory for 1/1/2020?

What is the Ending Work in Process Inventory for 12/31/2020?

What is the Beginning Finished Goods Inventory for 1/1/2020?

What is the Ending Finished Goods Inventory for 12/31/2020?

What is the Cost of Goods Manufactured for the year ending 12/31/2020?

What is the UNADJUSTED Cost of Goods Sold for the year ending 12/31/2020? Careful - you are not required to compute under or overapplied OH (information was not given in the problem)

What was Sales Revenue for the year ending 12/31/2020?