At the beginning of the year, the company estimated the annual manufacturing overhead and direct labor costs would be $$5,000,000$ and $$2,500,000,$ respectively.

The following information pertains to March of the current year:

Job $101$ Job $102$ Job $103$ Totals

Beginning balance: $300,000400,000500,0001,200,000$

Current period costs added

Direct materials requisitioned $($used$)$ $$200,000$ $$250,000$ $$150,000$ $$600,000$

Direct labor costs $$180,000$ $$200,000$ $$170,000$ $$550,000$

Assume that Jobs $101$ and $102$ are completed during the month and that Job $101$ was sold on account for $1,250,000$

Required:

a$.$ Compute the predetermined overhead application rate for the year.

b$.$ Determine the total cost $($including beginning inventory$)$ assigned to each job.

Job $101$

Job $102$

Job $103$

c$.$ What are the ending balances in these accounts?

$1.$ Work$-$in$-$process inventory

$11.$ Finished goods inventory

$111.$ Cost of goods sold