Acct $202-$ Project $2-$ Job Order Costing

On December $31,2023$ Ford had the following jobs in process: Job $307$ and Job $309($Job costs sheets for these jobs are included on pages $3$ and $4$ of this packet$)$

Body$*$

Requirement $1$: $(2$ points$)$ What is Ford's $12/31/23$ balance of Work In Process Inventory on the balance sheet?

Ford Construction estimates the following costs for $2024$:

Direct labor $$840,000(30,000$ hours at $$28$ per hour$)$

Manufacturing overhead $$246,600$

Ford uses direct labor hours to assign manufacturing overhead costs to jobs. Round to the nearest cent.

Requirement $2$: $(2$ points$)$ What is Ford's $2024$ predetermined overhead rate?

During January $2024,$ Ford issued the following materials requisition forms and labor time tickets

$\backslash$table$[[$Materials Requisition forms,Labor Time Tickets$],[$M$-679,2024-$W$1],[$M$-680,2024-$W$2],[$M$-682,2024-$W$3],[2024-$W$4,]]$

During January $2024,$ Ford started Jobs $310,311$ and $312.$ Ford completed jobs $307,309$ and $312.$

Job $307$ and $309$ were sold to customers at the amount bid in their customer contracts, Job $307$ had a contract price of $$41,600$ and Job $309$ was $$18,900.$

The sales transaction for Job $312$ has not yet been completed as of $\frac{1}{31}\frac{?}{24}$ as it is pending final inspection from city inspectors.