Chi Required information Exercise 3-27 Job-Order Costing Basics (LO 3-2, 3-4, 3-6) [The following information applies to the questions displayed below) Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January January 1 January 31 Finished goods $126,000 $117,000 Work in process 237,000 251,000 Raw material 133,000 124,000 - The following additional data pertain to January operations. Raw material purchased Direct labor Mtual manufacturing overhead Actual selling and administrative expenses $191,000 350,000 110,000 115,000 The company applies manufacturing overhead at the rate of 60 percent of direct labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year Exercise 3-27 Part 1 Required: 1. Compute the company's prime cost for January Prime cost Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. Finished goods Work in process Raw material January 1 January 31 $126,000 $117,000 237,000 251,000 133,000 124,000 The following additional data pertain to January operations. Raw material purchased Direct labor Actual manufacturing overhead Actual selling and administrative expenses $191,000 350,000 170,000 115,000 The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year. Exercise 3-27 Part 2 2. Compute the total manufacturing cost for January Answer is complete but not entirely correct. Total manufacturing cost $ 200,000 3 Requirea information Exercise 3-27 Job-Order Costing Basics (LO 3-2, 3-4, 3-6) [The following information applies to the questions displayed below.) Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January January 1 January 31 Finished goods $126,000 $117,000 Work in process 237,000 251,000 Raw material 133,000 124,000 The following additional data pertain to January operations. Raw material purchased Direct labor Actual manufacturing overhead Actual selling and administrative expenses $191,000 350,000 170,000 115,000 The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year. Exercise 3-27 Part 3 3. Compute the cost of goods manufactured for January Cost of goods manufactured 5 Required information Exercise 3-27 Job-Order Costing Basics (LO 3-2, 3-4, 3-6) [The following information applies to the questions displayed below.) Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January January 1 January 31 Finished goods $126,000 $117,000 Work in process 251,000 Raw material 133,000 124,000 237,000 bok int The following additional data pertain to January operations, Raw material purchased Direct labor Actual manustacturing overhead Actual selling and administrative expenses $191,000 350,000 170,000 115,000 The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year. Exercise 3-27 Part 4 4. Compute the cost of goods sold for January Cost of goods sold SAGIRE JUVE way weara (The following information applies to the questions displayed below.) Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January Finished goods Work in process Raw material January 1 January 31 $126,000 8117.000 237,000 251,000 133,000 124,000 The following additional data pertain to January operations. Raw material purchased Direct labor Atual manufacturing overhead Actual selling and administrative expenses $191,000 350,000 170,000 115,000 The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year. Exercise 3-27 Part 5 5. Compute the balance in the manufacturing overhead account on January 31. Debit or credit? Manufacturing overhead account balance on January 31 is Credit