accounting 3

X Data table Labor Time Record No. Date Description Amount 6/30 1896 12 hours at $14 $ 168 1904 7/3 $ 30 hours at $18 540 Materials Requisition No. Date Amount Description $ 600 6/30 437 60 lbs. rubber at $10 $ 480 7/2 439 40 meters polyester fabric at $12 100 meters steel cord at $8 $ 800 7/3 501 Print Done Frugal Tire manufactures tires for all-terrain vehicles. Frugal uses job costing and has a perpetual inventory system. On June 22. Frugal received an order for 110 TX tires from ATV Corporation at a price of $70 each. The job, assigned number 298, was promised for July 10. After purchasing the materials. Frugal began production on June 30 and incurred the following direct labor and direct materials costs in completing the order. 1. Click the icon to view the costs) Frugal allocates manufacturing overhead to jobs on the basis of the relation between expected overhead costs ($450,000) and expected direct labor hours (18,000). Job 298 was completed on July 3 and shipped to ATV on July 5. Read the resulrements Unt Requirement 1. Prepare a job cost record for Job 298 Calculate the predetermined overhead rate, then apply manufacturing overhead to the job. Begin by identifying the formula and computing the predetermined overhead rate. Predetermined overhead rato por hour Complete the job cost record in order of direct materials, direct labor, and allocated manufacturing overhead. Then prepare the overall cost summary (List the dates in chronological order. Enter the labor time records in the correct row according to date. If an input field is not used in the table, leave the input field empty: do not enter a zero) Job Cost Record Job No. 298 Frugal Tire manufactures tires for all-terrain vehicles. Frugal uses job costing and has a perpetual inventory system. On June 22, Frugal received an Job Cost Record Job No. 298 Customer Name ATV Corporation Job Description 110 TX tires Date Promised 7-10 Direct Materials Date Started 6-30 Date Completed 7-3 Manufacturing Overhead Allocated Direct Labor Labor Time Record Requisition Number Date Amount Number Amount Date Rate Amount 20XX per direct labor hr Overall Cost Summary Direct Materials Direct Labor Manufacturing Overhead Frugal Tire manufactures tires for all-terrain vehicles. Frugal uses job costing and has a perpetual inventory system. On June 22, Frugal received an pur direct labor hr. Overall Cost Summary Direct Materials Direct Labor Manufacturing Overhead Allocated Total Job Cost Totals Requirement 2. Calculate the total profit and the per-unit profit for Job 298. (Round your answer to two decimal places.) Job 298 Sales Less: Cost of job Total profit on job Number of tires Per-unit profit