2. Finn Corporation uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing overhead for the year would be $500,000 and machine hours used would be 25,000. The following information pertains to December of the current year: Job 1 Job 2 Job 3 Totals Beginning balance $45,000 $55,000 $50,000 $150,000 Current period costs added: Materials requisitioned $80,000 $70,000 $50,000 $200,000 Direct labor costs $30,000 $40,000 $20,000 $90,000 Current period activity Machine hours 2,600 3,100 2,300 8,000 Assume that Job 1 is the only job completed during the month. Required: a. Compute the predetermined overhead application rate based on machine hours. b. Determine the total costs associated with each job assuming overhead was applied based on machine hours. C. Job 1 Job 2 Job 3 Give the journal entry to record the completion of Job 1. d. What was the ending balance of work-in-process inventory assuming overhead was applied based on machine e. hours? Determine the total costs associated with each job assuming overhead was applied based on an overhead rate off 140 percent of direct labor costs. f. What was the ending balance of work-in-process inventory assuming overhead was applied based on direct labor costs?