Croftmark Co. Began operations on May 1, 2010. Its work in process inventory account on May 31 appears as follows:
Work In Process Inventory
Beginning Balance 916,650 Cost of completed jobs ???
Direct Material 589,670
Direct Labor 159,600
Applied Overhead 127,680
The direct labor cost contained in the beginning balance of WIP Inventory was for a total of 15,200 direct labor hours (DLHs). During January, 7,600 DLHs were recorded. Only one job was still in process on January 31. That job had $ 73,250 in direct material and 2,850 DLHs assigned to it.
a. If overhead is applied on the basis of DLHs, what predetermined OH rate was in effect during the company’s 2009 – 2010 fiscal year?
b. What was the average direct labor rate per hour?
c. What amount of direct material cost was in the beginning balance of WIP Inventory?
d. What was the balance in WIP Inventory at the end of January?
e. What was the total cost of jobs manufactured in January?
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