a IMPORTANT: Answer grading policy For an answer to be graded as correct, you must use an Excel formula: 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. Example: =B3+C3 OK 8.630 in O A company that uses job order costing reports the costs incurred below. Overhead is applied at the rate of 60% of direct materials cost. The company has no beginning Work in Process or Finished Goods inventories. Jobs 1 and 3 are not finished by the end of the month, and Job 2 is finished but not sold by month-end Job 1 Job 2 Job 3 Direct materials used Direct labor used $5,000 $9,000 $7,000 $1,500 $4,000 $3,000 Required: Overhead rate 60% 1. Prepare job cost sheets that have direct materials, direct labor, and overhead applied for each of the three jobs for the month. (Use cells A2 to G8 from the given information to complete this question.) JOB COST SHEET Direct materials Direct labor Overhead Total Job 1 Job 2 Job 3 2. Determine the total dollar amount of Work in Process Inventory at the end of the month. (Use cells A2 to G8 from the given information to complete this question.) Work in process inventory" 3. Determine the total dollar amount of Finished Goods Inventory at the end of the month. (Use cells A2 to G8 from the given information to complete this question.) Finished goods inventory