(963% practice questions - Saved lapse B C D E F G H I ABC Company uses a joborder costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated the followings: monarch ; 11 Factory overhead $ 50,000 12 Machine hours 8,000 14 The following information pertains to December of the current year: 16 Job 101 Job 201 Job 301 17 Work-in-Process, December 1 $ 6,000 $ 2,500 $ 1,500 18 Materials requisitioned $ 1,200 $ 300 $ 650 19 Direct labor cost $ 1,000 $ 400 $ 250 20 Actual machine hours 300 200 100 22 Actual manufacturing overhead incurred in December 15 5,000 24 The Company bills completed job at cost plus 50%. 25 Required: 27 a) Compute the predetermined overhead application rate. 34 b) Determine the costs of the three jobs. 35 Job 101 40 Job 201 45 Job 301 49 c) If Job 101 was completed, what is the balance of Work-inprooess 50 as at December 31? 56 d) Compute the billing price of Job 1. 63 e) If there was no balance in the Overhead Control account on 64 on December 1. what is the balance as at December 31? EEiV&EF\