Applying Overhead to Jobs, Costing Jobs Gorman Company builds internal conveyor equipment to client specifications. On October 1, Job 877 was in process with a cost of $18,700 to date. During October, Jobs 878, 879, and 880 were started. Data on costs added during October for all jobs are as follows: Job 877 Job 878 Job 879 Job 880 Direct materials $14,360 $5,970 $3,530 $1,750 Direct labor 15,000 8,900 1,600 2,200 Overhead is applied to production at the rate of 75% of direct labor cost. Job 877 was completed on October 28, and the client was billed at cost plus 50%. All other jobs remained in process. Required: 1. Prepare a brief job-order cost sheet showing the October 1 balances of all four jobs, plus the direct materials and direct labor costs during October. There is no need to calculate applied overhead at this point or to total the costs. All amount cells must have an entry; enter zeros as needed. Gorman Company Job-Order Cost Sheets For the Month of October Job 877 Job 878 Job 879 Job 880 Beginning balance Direct materials 8889 Direct labor 2. Calculate the overhead applied to each job during October. The overhead applied to Job 877 is $ Rhone Company Job-Order Cost Sheets For the Month of June Job 44 Job 45 Job 46 Job 47 Beginning balance, June 1 $ $ $ Direct materials Direct labor Applied overhead Total, June 30 $ 3. Calculate the ending balances of Work in Process and Finished Goods as of June 30. Work in Process: Finished Goods: $ 4. Calculate the cost of Goods Sold for June. Cost of Goods Sold: 2. Calculate the overhead applied to each job during October. The overhead applied to Job 877 is $ The overhead applied to Job 878 is $ The overhead applied to Job 879 is $ The overhead applied to Job 880 is $ 3. Calculate the balance in Work in Process on October 31. The balance in Work in Process for Job 878 is $ The balance in Work in Process for Job 879 is $ The balance in Work in Process for Job 880 is $ The total balance in Work in Process is $ 4. What is the price of Job 877? The price of Job 877 is $ Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of June, Rhone Company had two jobs in process, Job 44 and Job 45, with the following accumulated cost information: Job 44 Job 45 Direct materials $5,200 $1,750 Direct labor 1,100 3,300 Applied overhead 660 1,980 Balance, June 1 $6,960 $7,030 During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June: Job 44 Job 45 Job 46 Job 47 Direct materials $2,300 $7,150 $1,950 $1,650 Direct labor 820 6,440 900 620 At the end of June, Jobs 44, 45, and 47 were completed. Only Job 45 was sold. On June 1, the balance in Finished Goods was zero. Required: 1. Calculate the overhead rate based on direct labor cost. The overhead rate based on direct labor cost is %. 2. Prepare a brief job-order cost sheet for the four jobs. Show the balance as of June 1 as well as direct materials and direct labor added in June. Apply overhead to the four jobs for the month of June, and show the ending balances. All amount cells must have an entry; enter zeros as needed