Under eagle co.'s job order costing system, manufacturing overhead is applied to work-in-process using a predetermined annual overhead rate. during february, eagle's transactions included the following:

direct materials issued to production

$

96,000

indirect materials issued to production

14,000

manufacturing overhead incurred

131,000

manufacturing overhead applied

119,000

direct labor costs

113,000

eagle had neither beginning nor ending inventory in work-in-process inventory. what was the cost of jobs completed in february? (cpa adapted)

a. 340,000

b. 328,000

Baskin promotions, inc. sells t-shirts decorated for a variety of concert performers. the company has developed the following budget for the coming year based on a sales forecast of 80,000 t-shirts: sales $ 1,400,000 cost of goods sold 820,000 gross profit 580,000 operating expenses ($100,000 is fixed) 418,400 operating income 161,600 income taxes (30% of operating income) 48,480 net income $ 113,120 cost of goods sold and variable operating expenses vary directly with sales, and the income tax rate is 30% at all levels of operating income. if the concert season is slow due to poor weather, baskin estimates that sales could fall to as low as 60,000 t-shirts. assume baskin actually achieves the 60,000 unit sales level, and that net income actually earned at this level was $70,000. a performance report would indicate that net income was: