Question $1$

Partially correct

Mark $2\mathrm{.}00$ out of $7\mathrm{.}00$

Flag question

eBook

Cost accumulation accounting records were destroyed, the following information is available from some backup off$-$site records.

Biloxi Corp. applies overhead at the rate of $85$ percent of direct labor cost.

The cost of goods sold for the company averages $75$ percent of selling price. Sales from January $1*$ to the date of the hurricane totaled $$2,876,400.$

The company's wage rate for production employees is $$23\mathrm{.}22$ per hour. A total of $25,760$ direct labor hours were recorded from January $1$ through September $25.$

January $1$ inventories $($of the current year$)$ were as follows: $$35,100$ of Raw Material and $$124,020$ of Finished Goods. Raw materials purchased during the year totaled $$1,517,896\mathrm{.}80.$

The amount of Work in Process Inventory at January $($of the current year$)$ was $$26,280.$ Jobs B$325$ and Q$428$ were not in process on January $1.$

One job, R$91,$ was completed and in the warehouse awaiting shipment on September $25.$ The total cost of this job was $$298,080.$

Determine the following amounts.

a$.$ Cost of goods sold for the year $ $$

b$.$ Cost of goods manufactured during the year $$

c$.$ Amount of applied overhead for each job in WIP Inventory

Note: Round your answers to two decimal places $($i$.$e$.$ round $$4\mathrm{.}355$ to $$4\mathrm{.}36).$

$\backslash$table$[[$Job B$325,$$$,2,527\mathrm{.}1$