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JOB COSTINGCOMPREHENSIVE Z Company uses a job order cost system and applies overhead to production on a basis of direct labor costs. On January 1, 2006, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: Direct Materials $20,000; Direct Labor $12,000; Manufacturing Overhead $21,000. As of January 1, Job No. 49 had been completed at a total cost of $90,000 and was part of the Finished Goods Inventory. There was a $15,000 balance in the Raw Materials Inventory account. During the month of January, the 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 $122,000 and $158,000 respectively. The following additional events occurred during January: -Purchased additional raw materials of $90,000 on account. -Incurred factory labor costs of $63,000. Of this amount, $13,000 related to employer payroll tax. -Incurred manufacturing overhead costs as follows: Indirect Materials $14,000; Indirect Labor $15,000; Depreciation Expense $19,000, and Utilities $23,000. -Direct Materials and Direct Labor were traced to the jobs as follows: Job 50 51 52 Direct Materials $10,000 39,000 30,000 Direct Labor $6,000 24,000 18,000 a. Calculate the predetermined overhead rate for the upcoming year assuming the company estimates total manufacturing overhead costs of $1,050,000 and direct labor costs of $700,000. Overhead is applied based on total direct labor cost assigned to each job. b. Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. c. Prepare journal entries to record the purchase of raw materials, the factory labor cost incurred, and the manufacturing overhead costs incurred during the month. d. Prepare journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead to production. Post all costs to the job cost sheets as necessary. e. Total the job cost sheets for any job completed during the month. Prepare journal entries to record the completion of any job during the month. f. Prepare journal entries to record the sale of any job during the month. g. What is the balance of the Finished Goods Inventory at the end of the month? h. What is the amount of overapplied or underapplied overhead for the month? How would this be reported on the financial statements for the month of January? i. What is Cost of Goods Manufactured for the period