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Problem #1 (Job Order Costing) Jen's has the following transactions for the month of November: 1....

Problem #1 (Job Order Costing) Jen's has the following transactions for the month of November: 1. Purchased materials on account for $111,482. 2. Materials Requisitioned for $82,383. 3. Direct Labor for the month was incurred (but not yet paid) of $51,000 4. Actual Overhead for the month was $33,000. It has not been paid yet (Charge to Various Payables) 5. Overhead is applied to production at the rate of 70% of direct labor. 6. Jobs totaling $56,000 were transferred from Work-in-Process to Finished Goods. 7. Jobs costing $41,000 were sold. Balances at the beginning of the month were: Materials $17,890 Work-in-Process $0 Finished Goods $8,321 REQUIRED: YOU MUST SHOW YOUR WORK TO RECEIVE CREDIT

1. Calculate the Ending Balance of Raw Materials. $______________

2. Calculate the Ending Balance in Work-in-Process $_______________

3. Calculate the Ending Balance in Finished Goods $_________________

4. Determine the balance in the manufacturing overhead account. Label it as over or underapplied.

5. Calculate the adjusted Cost of Goods Sold amount.

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