This problem covers concepts that were presented in Chapters 11 and 12 concerning job-order costing.

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This problem covers concepts that were presented in Chapters 11 and 12 concerning job-order costing systems. Barry Jackson’s Automotive Customizations, Inc. (BJAC), is a small shop dedicated to high-quality restorations of vintage cars. Although it will restore an automobile that a customer already owns, usually the shop buys an old vehicle, restores it, and then sells it in a private party sale or at a classic-car auction. The shop has been in existence for 10 years, but for the sake of simplicity, assume it has no beginning inventories for 2014. Five automobile restoration projects were worked on during 2014. By the end of the year, four of these projects were complete and three of them had been sold. The following selected data are from BJAC’s 2014 budget: Advertising ………………. $ 8,000 Direct materials ……………. 160,000 Direct labor ………………. 140,000 Rent on office space ………….. 7,000 Rent on factory space …………… 25,000 Indirect materials …………… 12,000 Maintenance costs for factory equipment ……. 4,000 Utilities costs for office space ………. 1,500 Utilities costs for factory space ……….. 3,000 Depreciation on factory equipment …….. 10,000 Machine hours expected to be worked …….. 4,000 Direct labor hours expected to be worked ……. 6,500 The following information relates to production events during 2014: ■ Raw materials were purchased for $166,500. ■ M

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