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Concord Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 20,800, direct labor $12,480, and manufacturing overhead $ 16,640. As of January 1, Job 49 had been completed at a cost of $ 93,600 and was part of finished goods inventory. There was a $ 15,600 balance in the Raw Materials Inventory account. During the month of January, Concord Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold during the month. The following additional events occurred during the month. 1. Purchased additional raw materials of $ 93,600 on account. 2. Incurred factory labor costs of $ 72,800. 3. Incurred manufacturing overhead costs as follows: indirect materials $ 17,680; indirect labor $20,800; depreciation expense on equipment $ 12,480 ; and various other manufacturing overhead costs on account $ 16,640. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $ 10,400 $5,200 40,560 26,000 31,200 20,800 Your answer is correct. Calculate the predetermined overhead rate for 2020, assuming Concord Company estimates total manufacturing overhead costs of $ 873,600, direct labor costs of $ 728,000, and direct labor hours of 20,800 for the year. (Round answer to the nearest whole percent, e.g. 25%.) Predetermined overhead rate 120 % eTextbook and Media Attempts: 2 of 4 used What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of? Finished Goods Inventory $

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