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determine the following balances on november 5 641823

(Simple inventory calculation) Production data for the first week in November 2010 for Florida Fabricators were as follows:

WORK IN PROCESS INVENTORY

Date

Job No.

Material

Labor

Machine Time (Overhead)

Nov. 1

411

$1,900

36 hours

50 hours

1

412

1,240

10 hours

30 hours

7

417

620

8 hours

16 hours

Finished Goods Inventory, Nov. 1: $23,800

Finished Goods Inventory, Nov. 5: $0

MATERIAL RECORDS

Type

Inv. 11/1

Purchases

Issuances

Inv. 11/5

Aluminum

$ 8,300

$98,300

$58,700

$ ?

Steel

12,800

26,500

34,200

$ ?

Other

5,800

23,550

25,900

$ ?

Direct labor hours worked in the first week of November were 680 at a cost of $15 per direct labor hour. Machine hours worked that week were 1,200. Overhead for first week in November was as follows:

Depreciation

$ 9,000

Supervisor salaries

14,400

Indirect labor

8,350

Insurance

2,800

Utilities

2,250

Total

$36,800

Overhead is applied to production at a rate of $30 per machine hour. Underapplied or overapplied overhead is treated as an adjustment to Cost of Goods Sold at year end. All company jobs are consecutively numbered, and all work not in ending Finished Goods Inventory has been completed and sold. The only job in progress on November 5 was #417.

Determine the following balances on November 5:

a. the three raw material accounts

b. Work in Process Inventory

c. Cost of Goods Sold

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