3. Ceja 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 manufacturing overhead for the year would be $7,500,000 and machine hours used would be 50,000 The following information pertains to March of the current year Beginning balance Current period costs added: $350,000 $450,000 $555,000 $1,350,000 Direct materials requisitioned (used) $250,000 $300,000 $200,000 $750,000 Direct labor costs Current period activity $280,000 $270,000 $220,000 $770,000 Machine hours 1,400 2,400 2,200 6,000 Assume that Jobs X and Y are completed during the month; and that Job X was sold on account for $1,500,000. Required: a. Compute the predetermined overhead application rate for the year. b. Determine the total cost (including beginning inventory) assigned to each job. Job X Job Y Job Z c. Give the journal entry to record the total amount of direct material costs requisitioned (used) on all three jobs d. Give the journal entry to record the total amount of overhead applied to all three jobs. e. Give the journal entry to record the completion of Jobs X and Y f. Give the journal entries to record (1) the sale and (2) the cost of sale of Job X. g What are the ending balances in these accounts? i. Work-in-process inventory ii. Finished goods inventory ii. Cost of goods sold