Homework #1 due Tuesday/Wednesday, February 4th/5th - 10 points A. Job 599 was recently completed. The following data have been recorded on its job cost sheet: Direct materials. $40,610 Direct labor-hours.............. 1,147 DLHS Direct labor wage rate $11 per DLH Number of units completed. 3,100 units The company applies manufacturing overhead on the basis of direct labor hours. The predetermined overhead rate is $20 per direct labor-hour Required: Compute the unit product... appear on the job cost sheet for this job. cost that would Problem Bi Babb Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $11,000 $15.000 Work in process.... $32,000 $14,000 Finished goods..... $108,000 $123,000 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 17,000 machine-hours and incur $272,000 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were purchased, $416,000. Raw materials were requisitioned for use in production, $412,000 $(376,000 direct and $36,000 indirect). The following employee costs were incurred: direct labor, $330,000; indirect labor, $69,000; and administrative salaries, $157.000. Selling costs, $113,000. Factory utility costs, $29,000. Depreciation for the year was $121,000 of which $114.000 is related to factory operations and $7,000 is related to selling, general, and administrative activities. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 15,000 machine-hours. Sales for the year totaled $1,282,000. depreciation Required:"a. Prepare a schedule of cost of goods manufactured in good form. *b. Was the overhead underapplied or overapplied? By how much? *c. Prepare an income statement (with a COGS schedule) for the year in good form. The company closes any underapplied or overapplied manufacturing overhead to Cost of Goods Sold