Required:

What were the amounts in the beginning Finished Goods and beginning WorkinProcess accounts for Year

OLeary incurred direct materials costs of $ and used an additional hours in Year to complete Job MC What was the final total cost charged to Job MC

What was over or underapplied overhead for Year

OLeary prorates any over or underapplied overhead to Cost of Goods Sold, Finished Goods Inventory, and WorkinProcess Inventory. Prepare the journal entry to prorate the over or underapplied overhead.

A customer has asked OLeary to bid on a job to be completed in Year OLeary estimates that the job will require about $ in direct materials and direct laborhours. Because of the economy, OLeary expects demand for its services to be low in Year and the CEO wants to bid aggressively but does not want to lose any money on the project. OLeary estimates that there would be virtually no sales or administrative costs associated with this job. What is the minimum amount OLeary can bid on the job and still not incur a loss?

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Job MC-270 Job MC-275 Direct material costs. $272,800 $497,800 Direct labor-hours 2,640 hours 3,340 hours During year 3, O'Leary incurred the following direct material costs and direct labor-hours for all jobs worked in year 3, including the completion of Job MC-275. Direct material costs Direct labor-hours $11,842,800 76,800 Actual manufacturing overhead $ 9,792,000 At the end of year 3, there were four jobs that had not yet shipped. Data on these jobs follow. Direct materials Direct labor-hours Job status MC-389 $46,000 1,768 hours Finished MC-390 $69,800 2,840 hours Finished MC-397 $106,300 6,240 hours In progress MC-399 $31,700 1,440 hours In progress Job MC-270 Job MC-275 Direct material costs. $272,800 $497,800 Direct labor-hours 2,640 hours 3,340 hours During year 3, O'Leary incurred the following direct material costs and direct labor-hours for all jobs worked in year 3, including the completion of Job MC-275. Direct material costs Direct labor-hours $11,842,800 76,800 Actual manufacturing overhead $ 9,792,000 At the end of year 3, there were four jobs that had not yet shipped. Data on these jobs follow. Direct materials Direct labor-hours Job status MC-389 $46,000 1,768 hours Finished MC-390 $69,800 2,840 hours Finished MC-397 $106,300 6,240 hours In progress MC-399 $31,700 1,440 hours In progress