Beastie Boats Ltd produces high quality boats. The company is currently working on 3 specialty orders for 3 different customers. The orders are numbered, Jon 112'. 'Dave 200' and 'Bill333'. All jobs were completed and sold for cash. Jon 112 sold for $200,000 Dave 200 sold for $200,000 Bill333 sold for $250,000 Direct labor cost $18 per hour. The accountant has split up costs into 2 overhead cost pools. Total electricity is considered as one overhead cost pool, Electricity cost was $240,000 this year. It is allocated on the basis of machine hours for ead Administrative salaries are a second cost pool. Total salaries for admin cost $180,000 this year. They are allocated on the basis of the number of pho made to each customer, The following deatails were retrieved from the accounting records: Total (5) Direct materials Direct labor Jon 112 40,000 120 hours Dave 200 20,000 100 hours Bil 333 45,000 140 hours Machine hours Phone calls 60 20 40 20 80 15 Required: a) Calculate the overhead allocation rate for the two cost pools, Electricity and Admin. b) Calculate the costs recorded during production for each job. c) Prepare journal entries to record costs during production d) Prepare the journal entry to show the cost of jobs completed. e) Assume that Beastie Boats Ltd uses a perpetual inventory system. Prepare the journal entry to record the sales. You may aggregate the sales values (ie, only 2 journal entries are necessary) Cost Total allocation base Allocation rate Overhead cost pool Electricity Admin Jon 112 Dave 200 B1223 Sheet valendis Labor Overhead Total Dr Cr wwBwws Work in progress Raw materials inventory 69 70 71 72 73 74 c) 75 76 77 78 79 80 81 82 83 84 85 Work in progress Wages payable Work in progress Overhead cost control Shett