5 Baab Corporation is a manufacturing firm that uses job order costing. The company's inventory balances were as follows at the beginning and end of the years Materiais Work in process Finished Goode Begini Salance $ 16,150 $ 27,150 $ 62,150 Balance $ 22,150 99,150 #77.150 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,150 machine hours and incur $241,995 in manufacturing overhead cost. The following transactions were recorded for the year, Raw materials were purchased. $315,150. Row materials were requisitioned for use in production, $307150 (5280,850 direct and $26,300 indirect) The following employee costs were incurred direct lobor, $377150; indirect labor, $96,150; and administrative salaries, $172,150 Selling costs, $147150 Factory utility costs, $10,150, Depreciation for the year was $136,000 of which $120,300 is related to factory operations and $15.700 is related to selling, general, and administrative activities. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,030 machine-hours. Sales for the year totaled $1.259,000. Required: a. Prepare a schedule of cost of goods manufactured. b. Was the overhead underapplied or overapplied? By how much? c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. Bledsoe Corporation has provided the following data for the month of November: 6 Inventories: Raw materials Work in proces Finished Goods Beginning $ 26,400 $ 18,400 $ 49,400 Ending $ 22,400 $ 11,400 $ 57,400 02:57:33 Additional information: Raw materials purchasen Direct labor cout Manufacturing overhead coat incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process $ 73,400 $ 93,400 $ 43,540 $ 4,140 $ 42,400 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold. Bayas Corporation uses process costing. A number of transactions that occurred in June are listed below. 7 025101 (1) Raw materials that cost $41,000 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials (2) Direct labor costs of $17,300 are incurred, but not yet paid, in the Mixing Department (3) Manufacturing overhead of $46,900 is applied in the Mixing Department using the department's predetermined overhead rate. (4) Units with a carrying cost of $88,800 finish processing in the Mixing Department and are transferred to the Drying Department for further processing. (5) Units with a carrying cost of $112,500 finish processing in the Drying Department, the final step in the production process, and are transferred to the finished goods warehouse. (6) Finished goods with a carrying cost of $99,400 are sold Required: Prepare journal entries for each of the transactions listed above. If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) 8 Hutchcroft Corporation uses the weighted average method in its process costing. The following data concem the company's Assembly Department for the month of June. 700 3 2004 Materiale Conversion Cost per equivalent unit $ 3.80 $36.60 Equivalent units in ending work in process 1,580 During the month, 8,100 units were completed and transferred from the Assembly Department to the next department Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using the weighted average method. (Round your answers to 2 decimal places.) Materials Conversion Cost of ending work in process inventory Cost of units completed and transferred out