For the following six questions, use the information below. …
For the following six questions, use the information below. The following information relates to the manufacturing operations of Aerosmith, Inc., a manufacturer of custom jade sculptures. The Company uses job order costing. The following information is available: (a) At the beginning of the year, the Company had the following balances within its inventory accounts: Inventory Account Balance Raw materials inventory $ 7,200 Work in-process inventory: Job A 8,500 Job B 0 Total 8,500 Finished goods inventory 0 (b) Additionally, at the beginning of the year, the Company estimated that it would incur total manufacturing overhead costs of $24,500 this year. The Company uses activity-based costing to allocate overhead costs and the Company has established the following pools related to the manufacturing overhead: Activity Pool Total Estimated MOH Total Estimated Cost Driver Maintenance $12,800 1,600 direct labor hours Utilities $11,700 130 machine hours Total $24,500 (c) The following information relates to Job A and Job B: Job A Job B Direct materials used per job (in dollars) $6,300 $5,200 Direct labor hours per job 950 510 Machine hours 55 48 Job status at end of year Complete In-Process Total units within job 100 80 Total units sold during the year 30 0 (d) The following occurred during the year: $9,600 of direct materials were purchased. $30,000 of payments were made for direct labor ($22 per hour). $22,300 of actual manufacturing overhead was incurred. (e) Any balance remaining in the Manufacturing Overhead account at the end of the year is presumed to be immaterial and should be closed to the proper account accordingly. Required: (15 Points – 2.5 Points Each) Considering all of the previous information, determine the ending balance in each of the following accounts requested as of the end of the period. For each question below, select the closest answer.