At the beginning of the accounting period, the accountant for ABC Industries estimated that total overhead would be $80,000. Overhead is allocated to jobs on the basis of direct labor cost. Direct labor was budgeted to cost $200,000 this period. During the period only three jobs were worked on. The following summarizes the direct materials and labor costs for each:

Job 1231 was finished and sold; job 1232 was finished but is waiting to be sold; and job 1233 is still in process. Actual overhead for the period was $82,000.
A. Calculate the cost of each job completed.
B. Calculate the cost of goods sold.
C. Calculate the amount of over-applied or under-applied overhead that will be prorated to the ending balances in work-in-process, finished goods, and cost of goodssold.

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Direct materials Direct labor Job 1231 $45,000 70,000 Job 1232 $70,000 90,000 Job 1233 $30,000 50,000