Polaski Inc. uses an actual cost, job order system. The following transactions are for August 2010. At the beginning of the month, Direct Material Inventory was $ 2,000, Work in Process Inventory was $ 10,500, and Finished Gods Inventory $ 6,500.
- Direct material purchases on account totaled $ 90,000.
- Direct labor cost for the period totaled $ 75,600 for 8,000 direct labor hours; these costs were paid in cash.
- Actual overhead costs were $ 82,000 and are applied on production.
- The ending inventory of Direct Material Inventory was $ 3,500.
- The ending inventory of Work in Process Inventory was $ 7,750.
- Goods costing $ 243,700 were sold for $ 350,400 cash
a. What was the actual OH rate per direct labor hour?
b. Journalize the preceding transactions.
c. Determine the ending balance in Finished Gods Inventory.
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