countitled Construction Overhead The mated direct labor cost for the year, it estimated $1,150,000 and total direct labor costs of $5.750.000 T during Augusti .. Purchased materiale on account, $400.000 Requisitioned direct material and directe the materiale regioned head. The company applies mated construction 0.000. The following events direct labor in construction. Recorded Direct Labor 3. Hou 402 House 403 House 404 House 405 Direct Materials $50,000 62,000 61,000 86,000 $ 44,000 32.000 S8,000 57.000 c. The company incurred total wages of $300.000. Use the data from them to assign the wages. Wages are not yet paid. d. Depreciation of construction equipment, 56,700. e. Other overhead costs incurred: Fau r entals paldin cash, $30,000; Worker liability Insurance expired, $7,000. 1. Allocated overhead to jobs. 8. Houses completed: 402, 404 h. House sold on account: 404 for $250,000 Requirements 1. Calculate Superior's predetermined overhead allocation rate for the year. 2. Prepare journal entries to record the events in the general journal 3. Open T-accounts for Work-in-Process Inventory and Finished Goods Inventory Post the appropriate entries to these accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. WIP Bal. $254,800 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account. 5. Add the costs of the completed house that has not yet been sold, and show that this equals the ending balance in Finished Goods Inventory. 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Superior Construction