CONFIDENTIAL QUESTION 3 (24 marks; 43.2 minutes) Lowder Inc. builds custom conveyor systems for warehouses and distribution centres. During the month of July, the following occurred; a. Purchased materials on account for R426 300, b, Requisitioned materials totalling R270 000 for use in production: R125 000 for job 703 and the remainder for Job 704 Recorded direct labour payroll for the month to the value of R263 200 with an average wage DM | C. of R140 per hour. Job 703 required 780 direct labour hours; lob 704 required 1 100 direct labour hours. d Incurred and paid actual overhead to the value of R199 500. d. e. Charged overhead to production at the rate of 8100 per direct labour hour f. Completed Job 703 and transferred it to Finished Goods 8. Kept Job 704, which was started during July, in process at the end of the month. 5. which had been completed in May, on account for cost plus 30%. Sold Job 700 Beginning balances for 1 July were: R60 700 Raw materials Work in process (Job 703) R100 000 Finished goods (Job 700)R62 400 AHt Required 3.1 Prepare journal entries for Events a through e. 3.2 Prepare a simple job-order cost sheets for Jobs 703 and 704. 3.3 Prepare journal entries for Event f and h. 3.4 Use the t-accounts to calculate the ending balances of the following (10) 10) (i) Raw materials (i) Work in process (ii) Finished goods