Acct $202-$ Project $2-$ Job Order Costing Requirement $4$: $(2$ points each$)$ What is the balance of the following accounts on $\frac{1}{31}\frac{?}{24}?$

Work in Process Inventory

Finished Goods Inventory

Cost of Goods Sold

Sales

Requirement $5$: $(1$ point each$)$

Which financial statement is cost of goods sold reported on$?.$

Which financial statement is work in process inventory reported on$?$

Which financial statement is finished goods inventory reported on$?$

$2$ Ford Construction Job Cost Sheet

$\backslash$table$[[$Customer: Sally Sue,Job No: $307],[$Address:$,$Date started: $12-7-23],[,$Date completed: $1-15-24],[$Job Description: Kitchen Remodel$]]$

$\backslash$table$[[$Materials$],[$M$-675,$Drywall,$$720],[$M$-678,$Cabinets,$26,000],[12-31-23$ total,$$26,720],[,,],[$Labor$],[],[2023-$W$49,85$ hours,$$1785],[2023-$W$50,120$ hours,$2520],[12-31-23205$ hours,$$4305],[,,],[,,],[,,]]$

$\backslash$table$[[,$December $2023,$January $2024,$TOTAL$],[$Materials$,26,720,,],[$Labor$,4,305,,],[$Overhead$,205$ hrs @ $7\mathrm{.}15,,],[$Total$,1465\mathrm{.}75,,]]$

$3$ Ford Construction Job Cost SheetFord Construction Job Cost Sheet

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$)$

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 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

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.

Requirement $3$: $2$ points for each job cost sheet

Complete the job cost sheets for all the jobs $307,309,310,311,312.$

These are found on pages $3$ through $7$ of this packet.