Work-in-Process Inventory for Carston Incorporated at the beginning of the year was a single job, Job T114:


Job # Direct Materials Direct Labor Overhead Total
T114 $ 33,000 $ 17,000 $ 29,500 $ 79,500


The company’s budgeted costs for the year are as follows:


Budgeted overhead
Variable
Indirect materials $ 69,500
Indirect labor 57,500
Employee benefits 28,750
Fixed
Supervision 13,750
Depreciation 15,750
Total $ 185,250
Budgeted direct labor dollars $ 92,625
Rate per direct labor dollar 200%



The company’s actual costs incurred during the year are as follows:


Job # Incurred by Jobs Total
Materials Labor Other
T114 $ 2,300 $ 10,300 $ - $ 12,600
T119 24,300 18,600 - 42,900
T133 8,300 34,750 - 43,050
T136 1,300 16,450 - 17,750
$ 36,200 $ 80,100 $ 116,300


Overhead Incurred by Jobs Total
Materials Labor Other
Indirect materials and supplies $ 61,200 - - $ 61,200
Indirect labor - 51,200 - 51,200
Employee benefits - - 34,050 34,050
Depreciation - - 15,750 15,750
Supervision - 12,450 - 12,450
Total $ 61,200 $ 63,650 $ 49,800 $ 174,650


Required:

1. What was the actual factory overhead for Carston Incorporated for the year?

2. What was overapplied or underapplied overhead for the year?

3. Job T114 was the only job completed and sold in the year. What amount was included in the Cost of Goods Sold account for this job?

4. What was the amount of Work-in-Process Inventory at the end of the year?