Name_________________________ Acctg 225 REVIEW PROBLEM 1 F09 (from MT1, SP09) Instructions: please work this to hand October 27 (big class) in and be graded as a starred problem. Also keep a copy for yourself since we will go over the solution in class as part of our review for MT1. Question 2 (13 points) Dacosta Company had only one job in process on May 1 from the previous month. The job had been charged with $1,800 of direct materials, $6,966 of direct labor, and $9,936 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $18.40 per direct labor-hour. During May, the activity was recorded: Work in process inventory on May 30 contains $3,741 of direct labor cost. Raw materials are all direct materials.  (i) What is the balance in the raw materials inventory account on May 30? Please show your work. Raw materials (all direct materials): Beginning balance $8,500 Purchased during the month $38,000 Used in production $39,300 Labor: Direct labor-hours worked during the month 1,900 Direct labor cost incurred $24,510 Actual manufacturing overhead costs incurred $33,300 Inventories: Raw materials, May 30 ? Work in process, May 30 $16,937 3
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