Reference no: EM132471978

Point 1: Chum Company has just completed its first year of operations. During the year, Chum Company purchased $564,000 of materials. The year-end balance reported in the raw materials account was $46,000. $25,000 of the raw materials consumed was considered as indirect materials and entered into manufacturing overhead.

Point 2: Chum Company incurred $1,316,000 in total direct labor wages during the year. Factory workers are paid $28 per hour. Total manufacturing overhead during the year amounted to $388,000, which was $22,000 less than estimated. Total factory worker hours were 15% less than estimated. Chum Company's manufacturing overhead was allocated using direct labor hours as the allocation base. Chum Company charges any over or under-allocated manufacturing overhead to cost of goods sold.

Point 3: During the year, Chum Company started and completed Job 003. This job consumed 20% of the total direct direct materials used this year and 30% of the direct labor hours.

Question 1: Determine the total cost for Job 003.

1. Total Direct Material Costs:
2. Total Direct Labor Hours:
3. Total Estimated Direct Labor Hours:
4. Total Estimated Manufacturing Overhead:
5. Predetermined Overhead Rate:
6. Direct Material Costs Job 003:
7. Labor Costs Job 003:
8. Manufacturing Overhead Job 003:
9. Total Costs Job 003: