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Direct labor is $50 per hour. Overhead was budgeted at $20 per direct labor hour....

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Accounting

Direct labor is $50 per hour. Overhead was budgeted at $20 per direct labor hour. Jobs 2 & 4 were completed during the period. 4 was sold with a 40% markup. Actual overhead was $135,000. What is the inventory and COGS account balances? What is the over or under applied overhead? What is the adjusted and unadjusted gross margin?

Job 1 Job 2 Job 3 Job 4 Beginning Balance $35,000 $72,000 $56,000 - Direct Labor $128,000 $64,000 $99,000 $27,000 Direct Material $150,000 $175,000 $123,000 $35,000

Can someone help me understand how to solve this Job costing problem ?

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