Question: Acct 202 - Project 2 - Job Order Costing On December 31, 2022 Ford had the following jobs in process: Job 307 and Job

Acct 202 - Project 2 - Job Order Costing On December 31,

Acct 202 - Project 2 - Job Order Costing On December 31, 2022 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 12/31/22 balance of Work In Process Inventory on the balance sheet? Ford Construction estimates the following costs for 2023: Direct labor $773,740 (35,170 hours at $22 per hour) Manufacturing overhead $295,428 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 2023 predetermined overhead rate? During January 2023, Ford issued the following materials requisition forms and labor time tickets Materials Requisition forms M-679 M-680 M-681 M-682 Labor Time Tickets 2023-W1 2023-W2 2023-W3 2023-W4 During January 2023, Ford started Jobs 310, 311 and 312. Ford completed jobs 307, 309 and 310. Job 307 and 309 were sold to customers at the amount bid in their customer contracts. Job 307 had a contract price of $35,000 and Job 309 was $11,000. The sales transaction for Job 310 has not yet been completed as of 1/31/23 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. 1

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