The following data for the month of November, relates to the McDermott Company, a small cricket bat manufacturer located in Ipswich, QLD. The company uses job costing to determine the cost of products.

Balances at 1st November of unfinished jobs are as follows:

Job No.	Materials	Labour
103	$ 8,700	$ 7,500
104	$ 7,500	$ 3,600
105	$11,000	$ 8,900
Overhead in process		$21,000
Other balances at 1st November:
Raw materials inventory		$22,000
Finished goods inventory		$0

Raw material purchased during November: $48,000

Direct labour cost incurred during November
Job 103	$11,300
Job 104	$14,200
Job 105	$12,700
Job 106	$11,500

Direct materials issued to production in November
Job 103	$12,500
Job 104	$13,800
Job 105	$11,600
Job 106	$ 9,800

Jobs 103, 104, and 105 were completed during November. Jobs 103 and 104 were sold for $62,000 and $67,000 respectively. Overhead is allocated to jobs using direct labour dollars as the cost driver. Actual manufacturing overhead costs of $39,000 were incurred during November.

1) What is the overhead rate per direct labour dollar? (1 mark) (Enter amount only, do not use dollar signs) Answer

2) What is the cost of Job 104 at November 1st? (1 mark) (Enter amount only, do not use dollar signs or commas) Answer

3) What is the gross profit/loss on the sale of Job 103? (1 mark) (Enter amount and type in profit or loss after one blank space. Do not use dollar signs or commas) Answer

4) What is the cost of closing WIP at the end of November? (1 mark) (Enter amount only, do not use dollar signs or commas) Answer

5) What is the cost of goods manufactured during November? (1 mark) (Enter amount only, do not use dollar signs or commas) Answer

6) What is the closing balance in the Finished goods inventory account? (1 mark) (Enter amount only, do not use dollar signs or commas) Answer

7) Was manufacturing overhead under or over applied during November? (1 mark) (Enter amount and type in under or over after one blank space. Do not use dollar signs or commas) Answer