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VLL Corporation started operations this year. As the year went on, they compiled the following information on jobs worked (these are the only jobs for
VLL Corporation started operations this year. As the year went on, they compiled the following information on jobs worked (these are the only jobs for the year): Job# Direct Materials Machine hours Job Status Sales Price when sold 337 $2,911 51 Direct Labor $2,184 $ 789 $1,675 $2,122 338 20 Complete and not sold Complete and not sold Complete and sold Not Complete $1,195 $2,175 $2,720 $13,872 $5,411 $10,510 $13,215 339 39 340 49 VLL Corporation determined at the beginning of the year that $29 per Machine hour would be an appropriate POHR. As it turns out, throughout the year, overhead incurred totaled $5,026. Over or Under applied overhead is always considered to be immaterial and necessary steps should be taken to close the Overhead account prior to answering the questions below. Make the necessary calculations to determine the following items for the year just ended (round to the nearest whole dollar/input code: 0): Ending balance of Work in process account $ Ending balance of Finished goods account $ Ending balance of Overhead account after closing overhead $ Total Sales $ Total Cost of goods sold after closing overhead $ Gross profit as reported on the Income Statement $ Over/Underapplied overhead (enter overapplied as a positive number and underapplied as a negative number) $
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