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Pauline's Printers Inc. creates custom print work such as wedding invitations, graduation announcements, corporate stationary, business cards and many other creative works. Because of the unique nature of each job, Pauline uses a job order costing system. Below is information pertaining to the current year for Pauline. Beginning of the year balances:
Materials $40,000 Work in Process $67,000 Finished Goods $22,000 During the year, the following transactions occurred:
Required: Problem 1: What was the end of the year balance in materials inventory? Problem 2: What was the end of the year balance in work-in-process inventory? Problem 3: What was the end of the year balance in finished goods? Problem 4: What is actual overhead? Problem 5: What was the amount of overhead applied? Problem 6: Was overhead under or over applied? Problem 7: By how much was overhead under or over applied? Problem 8: What was the adjusted end of the year value of Cost of Goods Sold (prior to closing of the income statement)?
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