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1. ARGOSY B6021 Module 1 Assignment 3 Calculating
Inventory NEW
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B6021 Module 1 Assignment 3 Calculating Inventory
NEW
Finlon Upholstery Inc. uses a job-order costing system
to accumulate manufacturing costs. The company's
work-in-process on December 31, 2001, consisted of
one job (no. 2077), which was carried on the year-end
balance sheet at $156,800. There was no finished-
goods inventory on this date.

2. Finlon applies manufacturing overhead to production
on the basis of direct-labor cost. (The budgeted direct-
labor cost is the company's practical capacity, in terms
of direct-labor hours multiplied by the budgeted
direct-labor rate.) Budgeted totals for 2002 for direct
labor and manufacturing overhead are $4,200,000 and
$5,460,000, respectively. Actual results for the year
are as follows:
Actual Results
Direct Materials Used
$5,600,000.00
Direct Labor

3. $4,350,000.00
Indirect Material Used
$65,000.00
Indirect Labor
$2,860,000.00
Factory Depreciation
$1,740,000.00
Factory Insurance
$59,000.00

4. Factory Utilities
$830,000.00
Selling and Administrative Expenses
$2,160,000.00
Total
$17,664,000.00
Job No. 2077 was completed in January 2002 and
there was no work in process at year-end. All jobs
produced during 2002 were sold with the exception of

5. Job No. 2143, which contained direct-material costs of
$156,000 and direct-labor charges of $85,000. The
company charges any under- or over-applied
overhead to the cost of goods sold category.
Using the above information, do the following:
Calculate the company's predetermined overhead
application rate.
Calculate the additions to the work-in-process
inventory account for the direct material used, direct
labor, and manufacturing overhead.
Calculate the finished-goods inventory for the
12/31/01 balance sheet.
Calculate the over-applied or under-applied overhead
at year-end.
Explain if it is appropriate to include selling and
administrative expenses in the cost of goods sold
category.

6. Perform your calculations in an Excel spreadsheet and
copy the calculations into a Word document. Your final
product should be a 1-page paper in Word format.
Apply APA standards to citation of sources.

7. Perform your calculations in an Excel spreadsheet and
copy the calculations into a Word document. Your final
product should be a 1-page paper in Word format.
Apply APA standards to citation of sources.