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Problem 1 (14 marks) (28 minutes) Cicero Company uses a job-order costing system that uses a...

Problem 1 (28 minutes) Cicero Company uses a job-order costing system that uses a plantwide overhead rate based on direct labour hours. Estimated information for the year is as follows: Overhead $665,000 Direct labour hours 100,000 There was one job in finished goods inventory at the beginning of July: Job 209 Direct materials $18,500 Direct labour cost 37,500 Direct labour hours 2,500 Cicero worked on five jobs in July. Data are as follows: Job 210 Job 211 Job 212 Job 213 Job 214 Balance, July 1 $32,780 $51,770 $29,600 $0 $0 Direct materials 25,500 39,800 24,450 13,600 18,420 Direct labour cost 60,000 28,500 41,500 23,000 21,300 Direct labour hours 4,000 1,900 2,700 1,500 1,400 By July 31, Jobs 210, 211, 212 were completed. Jobs 209, 210 and 212 were sold. Required: a. Calculate the plantwide overhead rate for Cicero Company. b. Calculate the total cost of the following jobs: 210, 211, 212, 213 and 214. c. What is the cost of goods manufactured for the month of July? d. What is the Cost of goods sold for the month of July?

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