0000 T-Mobile 2:16 PM @70% D + mail-attachment.googleusercontent.com ABC Company uses a job order cost system and applics overhead to production on the basis of direct labor costs. On January 1, 2014, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this jolb were as follows: direct materials $20,000, direct labor S12,000, and manufacturing overhead S16,000. As of January 1, Job No. 49 had been completed at a cost of S90,000 and was part of finished goods inventory. There was a S15,000 balance in the Raw Materials Inventory the month of January, ABC Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for S122,000 and $158,000, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $90,000 on 2. Incurred factory labor costs of $70,000. Of this amount S16,000 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials S17,000; indirect labor $20,000; depreciation expense on equipment $19,000; and various other manufacturing overhead costs on account S16,000. 4. Assigned direct materials and direct labor to jobs as Job Ne. Direct Materials Direct Labor $10,000 5000 All answers will be entered in the Excel Spreadsheet that you will download. The spreadsheet has tabs labeled for the different parts of the problem. Once you have completed the problem, you will upload the spreadsheet to the Unit 6: Assignment #4 Dropbox. You must upload the file before 11:59 pm on Tuesday a. Calculate the predetermined overhead rate for 2014, assuming ABC Company estimates total manufacturing overhead costs of S980,000; direct labor costs of $700,000: and direct labor hours of 20,000 for the year. b. Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job No