2. Malibu Boats Inc. uses a job order cost accounting system and keeps perpetua inventory recoras. Tne following tran s actionsccurrea in tne rirst month of operations: 1. Purchased raw materials on account, $235, 000. 2. An analysis of the requisitions shows the following: Direct materials requisitioned during the month: Job 10.1 Job 102 $26, 000 19,000 Job 103 76,000 2. Factory labor costs incurred were $85,000 of which $71,000 pertained to factory wages payable and $14,000 pertained to employer payroll taxes payable. 4. An analysis of the time tickets indicated the following: Direct labor incurred and charged to jobs during the month was: Job 10.1 Job 102 $31,000 27,000 Job 103 $82.000 5. Incurred manufacturing overhead costs as follows: indirect labor $12,000, indirect materials $7,000, and depreciation $9,000. Also, incurred $68,000 of manufacturing overhead costs on account. b. Manutacturing overnead was appliea to Jobs workea on using a predetermined overhead rate based on 101% of direct labor csts. show computations 7. Job 101 and Job 103 were completed during the month. (Note: show your work in part b. below.) 8. Job 101 was sold on account for $115, 000 Instructions: a. Prepare journal entries to record the above transactions. b. Compute the cost of Job 101, Job 102 and Job 103 c. Compute the balance in the Work-in-Process account at the end of the month d. Compute the amount of over/under applied overhead. 2a. Date Account Titles and Explanation Debit Credit 5 10 12 13 14. 15 16 17 18 19 24 Problem1 Problem 2b&c Problem3 Problem 2a 8 points 2b Job Cost Sheet Direct Manufact Job Beginning Direct Labor WIP Materials Overhead Total 101 Job Cost Sheet Job Beginning Direct Direct Manufact WIP Labor Overhead Total Materials 0 102 Job Cost Sheet Beginning Direct Direct Manufact Job Total Labor Overhead WIP Materials 0 103 WORK IN PROCESS INVENTORY