I need help solving this accounting problem Required:a. What was the amount in the beginning Finished Goods and beginning Work-in-Process accounts for year 3?b. O'Leary incurred direct materials costs of $61,000 and used an additional 700 hours in year 3 to complete job MC-275. What wasthe final (total) cost charged to job MC-275?c. What was over- or underapplied overhead for year 3?d. O'Leary prorates any over- or underapplied overhead to Cost of Goods Sold, Finished Goods Inventory, and Work-in-ProcessInventory. Prepare the journal entry to prorate the over- or underapplied overhead.e. A customer has asked O'Leary to bid on a job to be completed in year 4. O'Leary estimates that the job will require about $94,500in direct materials and 5,200 direct labor-hours. Because of the economy, O'Leary expects demand for its services to be low in year 4,and the CEO wants to bid aggressively, but does not want to lose any money on the project. O'Leary estimates that there would bevirtually no sales or administrative costs associated with this job. What is the minimum amount O'Leary can bid on the job and still notincur a loss?Complete this question by entering your answers in the tabs below.Required ARequired BRequired CRequired DRequired EWhat was the amount in the beginning Finished Goods and beginning Work-in-Process accounts for year 3?Work-in-process inventoryFinished goods inventory< Required ARequired B > O'Leary Corporation manufactures special purpose portable structures (huts, mobile offices, and so on) for use at construction sites. Itonly builds to order (each unit is built to customer specifications). O'Leary uses a normal job costing system. Direct labor at O'Leary ispaid $37 per hour, but the employees are not paid if they are not working on jobs. Manufacturing overhead is assigned to jobs by apredetermined rate on the basis of direct labor-hours. The company incurred manufacturing overhead costs during two recent years(adjusted for price-level changes using current prices and wage rates) as follows.Year 1Year 2Direct labor-hours worked71,00058,000Manufacturing overhead costs incurredIndirect laborEmployee benefitsSupplies$2,920,0001,065,000710,000667,000146,000$2,320,000870,000580,000562,000146,000668,2502,102,500871,250PowerHeat and lightSupervisionDepreciationProperty taxes and insurance787,8502,102,500831,650Total manufacturing overhead costs$9,230,000$8,120,000At the beginning of year 3, O'Leary has two jobs, which have not yet been delivered to customers. Job MC-270 was completed onDecember 27, year 2. It is scheduled to ship on January 7, year 3. Job MC-275 is still in progress. For the purpose of computing thepredetermined overhead rate, O'Leary uses the previous year's actual overhead rate. Data on direct material costs and direct labor-hours for these jobs in year 2 follow.Job MC-270Job MC-275$274,0002,700 hoursDirect material costs$499,0003,400 hoursDirect labor-hoursDuring year 3, O'Leary incurred the following direct material costs and direct labor-hours for all jobs worked in year 3, including thecompletion of Job MC-275.$11,844,00078,000Actual manufacturing overhead $10,080,000Direct material costsDirect labor-hoursAt the end of year 3, there were four jobs that had not yet shipped. Data on these jobs follow.MC-389MC-390MC-397MC-399Direct materials$47,2001,780 hours$71,0002,900 hours$32,9006,300 hours 1,500 hoursIn progress$107,500Direct labor-hoursJob statusFinishedFinishedIn progress

Name: I need help solving this accounting problem Required:a. What was the a
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: I need help solving this accounting problem Required:a. What was the amount in the beginning Finished Goods and beginning Work-in-Process accounts for year 3?b. O'Leary incurred direct materials costs of $61,000 and used an additional 700 hours in ye