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Cooper Manufacturing pays $4 per pound to purchase its raw materials and $20 per direct labor hour and applies manufacturing overhead based on hours of direct labor. At the beginning of 2018 Cooper estimated total manufacturing overhead of $180,000 and predicted 8,000 direct labor hours for production during the year.

Coopers building is 200,000 square feet with 120,000 of the square footage dedicated to factory operations. Cooper disposes of any over/under applied MOH using the method covered in class.

Cooper Manufacturings accountant provided the following actual results for the 2018 factory operations:

Finally, Coopers accountant shared the following information regarding the companys beginning and ending account balances:

• At 12/31/2017, Cooper Manufacturing had $22,400 (5,600 pounds) of Raw Materials on hand and had two jobs in process: Job #215 and Job #223. The accumulated cost for these jobs was $18,000 and $22,000, respectively. Cooper also had $10,000 of Finished Goods on this date.

1. Prepare Coopers Raw Materials, Work in Process, Finished Goods, MOH and Cost of Goods Sold T accounts.

2. What will the company report on the 12/31/2018 Balance Sheet as inventory?

• At 12/31/2018 the company had a single job in process, Job #226. Job #226 was started during 2018 and, by year end, was assigned 4,600 pounds of direct materials and accumulated 502 hours of direct labor.

• Finished Goods at 12/31/2018 totaled $16,500