CHAPTER 5 ASSIGNMENT- TRADITIONAL COSTING JOB ORDER COSTING (5 points) Jones Company started production this period. Job 1 was completed, and Job 2 remains in production. The information from the job cost sheets from their first and only jobs so far is provided below. Job 1 Hours Total Cost Job 2 Hours Total Cost Direct materials $ 375 Direct labor 231 5,313 Manufacturing overhead 4,620 Direct materials Direct labor Manufacturing overhead $ 405 85 1,955 1,700 Total cost $10,308 Direct materials $4,060 Using the information provided answer the following questions: 1. What is the total PRIME costs incurred for the period at Jones Company? Jones Company had total prime costs of $ 2. What is the balance in work in process at the end of the period? for this period. The ending balance of the work in process inventory account is $ 3. What is the balance in finished goods inventory at the end of the period? I The ending balance of the finished goods inventory account is $ 4. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate? The predetermined overhead rate is $ per 5. Assuming that Jones Company determined that their actual overhead costs incurred for the period were $6,200, what is your analysis of the overhead account? The manufacturing overhead account is (over/under) applied by S