Cole Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Cole for 2017 are as follows: (Click the icon to view the T-accounts.) (Click the icon to view the additional information.) Read the requirements. Requirement 1. What was the amount of direct materials issued to production during 2017? Direct materials issued to production during 2017 was $ 231,000 Requirement 2. What was the amount of manufacturing overhead allocated to jobs during 2017? First identify the formula to calculate the manufacturing overhead allocated. Direct manufacturing labor hours X Manufacturing overhead rate Manufacturing overhead allocated to jobs during 2017 was $ 492,800 Requirement 3. What was the total cost of jobs completed during 2017? The total cost of jobs completed during 2017 was $ 625,754 Requirement 4. What was the balance of work-in-process inventory on December 31, 2017? Manufacturing overhead allocated Past the entries during the year in the Work-in-process control account to determine the ending balance on December 31, 2017. Be sure to select reference labels for each of the entries. Work-in-Process Control Requirements 1. What was the amount of direct materials issued to production during 20177 2. What was the amount of manufacturing overhead allocated to jobs during 2017? 3. What was the total cost of jobs completed during 2017? 4. What was the balance of work-in-process inventory on December 31, 2017? 5. What was the cost of goods sold before proration of under- or overallocated overhead? 6. What was the under- or overallocated manufacturing overhead in 2017? Dispose of the under- or overallocated manufacturing overhead using the following: 7. a. Write-off to Cost of Goods Sold b. Pronation based on ending balances (before proration) in Work-In-Process Control, Finished Goods Control, and Cost of Goods Sold 8. Using each of the approaches in requirement 7, calculate Cole's operating income for 2017. 9. Which approach in requirement 7 do you recommend Cole use? Explain your answer briefly. T-accounts Direct Materials Control 1-1-2017 44,000 131,000 Work-in-Process Control 231,000 1-1-2017 41,000 1-1-2017 Dir. Manut. labor Finished Goods Control 7,000 925,754 674,280 352,000 Manufacturing Overhead Allocated Cost of Goods Sold Manufacturing Overhead Control 511,000 More Info Print Done a. Direct manufacturing labor wage rate was $10 per hour. b. Manufacturing overhead was allocated at $14 per direct manufacturing labor-hour. c. During the year, sales revenues were $1,010,000, and marketing and distribution costs were $127,000.