+ Freedom GE A B D E F G H J K Please put correct answer in the underlined space provided. ABC Company uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated the followings: 11 Factory overhead $ 50,000 Machine hours 8,000 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 1,200 800 650 19 Direct labor cost 1,000 400 250 Actual machine hours 300 200 100 Actual manufacturing overhead incurred in December 5,000 The Company bills completed job at cost plus 50%. 25 26 27 Required: a ) Compute the predetermined overhead application rate. (1 Mark) 28 29 30 31 32 33 34 Determine the costs of the three jobs. (6 Marks) 35 b ) Job 101 36 37 38 39 40 Job 201 41 42 43 44 45 Job 301 46 47 48 49 c) If Job 101 was completed, what is the balance of Work-in-process (1 Mark) 50 as at December 31? 52 53 54 55 56 d) Compute the billing price of Job 1. (1 Mark) 57 58 59 60 61 62 63 e) If there was no balance in the Overhead Control account on (2 Marks) on December 1, what is the balance as at December 31? 66 67 68 69 70 EO 71 72 73 74 75 76 77 78 79 Marks Q1 Q2 Q3 + O O