Wallace Manufacturing Company
	Job Cost Sheet
	Job #			Quantity
	Item #	n/a		Date Requested
	For	n/a		Date Completed
	Date		Direct	Direct	Applied
			Materials	Labor	Overhead
		Total	$ -	$ -	$ -
	Cost of completed job
		Direct Materials		$ -
		Direct Labor		$ -
		Applied Overhead		$ -
		Total Cost		$ -
	Cost / unit			#DIV/0!

With the following information, please complete the following on the spreadsheet provided: Calculate the predetermined overhead rate as of January 1, 2018. Fill out the Job Cost Sheet for Job #950. This job was started on November 25, 2018 and represents the entire balance in the WIP account as of November 30, 2018. For this job, Big Papi will produce 1,200 bats. What is his cost / bat for this job? Complete the journal entries for the month of Dec, 2018 in the general journal. Determine the amount in Manufacturing Overhead at 12/31/18 and close annual Manufacturing Overhead into Cost of Goods Sold, assuming at November 30, 2018, $1,200,000 of actual expenses had been incurred and $1,205,000 had been applied for the year. Was it over or underapplied? By how much? Calculate the Gross Profit, Gross Margin, and Net Income before tax for the month of December, 2018. Determine the ending balance in Raw Materials Inventory, Work-in-Process Inventory and Finished Goods Inventory at December 31, 2018, assuming the following Nov 30, 2018 balances: Raw Materials = $ 22,300 * WIP = $ 52,500 ** Finished Goods = $ 8,500 * The Raw Materials account contains 20 barrels of glue (total $10,000), 5 barrels of pine tar (total $5,000) and 100 board feet of ash (total $7,300). ** The total in WIP represents 700 bats already completed for job #950. This is representative of $32,500 in direct labor (1,625 hours) and $20,000 of direct materials. Big Papi, Inc. produces baseball bats for minor league players. Their factory is located in Boston, MA. Before 2018 began, their management made the following estimates for their annual production costs: Type of Cost Amount Factory rent $ 90,000 Factory Utilities $ 38,500 Lumber direct materials $582,000 Factory Insurance $ 24,000 Production Supervisor Salary $110,000 Lathe workers wages $141,200 Sanding department wages $ 88,000 Depreciation of Factory $ 75,000 Depreciation of Prod. Equip. $ 42,500 Glue, pine tar indirect mat. $ 30,000 For the entire year of 2018, Big Papi, Inc. expects to manufacture 9,800 bats. Please apply manufacturing overhead on the basis of direct labor hours (lathe and sanding departments combined). Big Papi expects there to be 40,000 direct labor hours in 2018. Transactions For the month of December 2018, Big Papi, Inc. had the following transactions & adjustment: Dec 3 - Purchased 1,000 board feet of ash lumber on account for $73,000 Dec 5 Requisitioned 250 board feet of ash lumber, 5 barrels of glue and 2 barrels of pine tar to begin working on 500 additional bats for job #950. Dec 10 Paid factory rent of $ 17,500, factory utilities of $ 6,400, and factory insurance of $2,100. All amounts are paid in cash. Dec 15 Incurred and paid direct labor to Lathe workers and Sanding department of $27,500 (1,375 hours) and $8,250 to factory supervisor. These amounts includes wages and benefits. Dec 17 Completed all 1,200 bats and applied manufacturing overhead at the predetermined rate to all 1,200 bats in job #950. No overhead has previously been applied to job #950. Dec 20 Incurred and paid selling costs of $21,000 and administrative costs of $14,415. Dec 29 - Sold 350 bats of job #950 for $ 64,250 to Boston Red Sox (on account). Dec 31 Big Papi closes out the under/overapplied manufacturing overhead.