Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year:

Beginning Balance

Ending Balance

Raw materials

$

14,450?

$

22,450?

Work in process

$

27,450?

$

9450?

Finished Goods

$

62,450?

$

77,450?

The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,450 machine-hours and incur $264,255 in manufacturing overhead cost. The following transactions were recorded for the year:

Raw materials were purchased, $315,450.

Raw materials were requisitioned for use in production, $307,450 ($280,550 direct and $26,900 indirect).

The following employee costs were incurred: direct labor, $377,450; indirect labor, $96,450; and administrative salaries, $172,450.

Selling costs, $147,450.

Factory utility costs, $10,450.

Depreciation for the year was $154,000 of which $138,000 is related to factory operations and $16,000 is related to selling, general, and administrative activities.

Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,090 machine-hours.

Sales for the year totaled $1,271,000.

Required:

Do not enter any commas (except for the pre-determined OH rate) and round to the nearest dollar

Based on the data presented above, complete the following Table

Pre-Determined OH Rate (round to 2 decimal places)

$

Direct Materials used in Production

$

Direct Labor

$377,450

Total Manufacturing Costs

$

Cost of Goods Manufactured

$

Adjusted Cost of Goods Sold

$

Total Selling and Admin Exp

$335,900

Operating Income

$

Answer rating: 100% (QA)

To determine the required values based on the provided data for Baab Corporation PreDetermined OH Ra... View the full answer