Data table Date Labor Time Record No. Description Amount 6/02 655 656 10 hours @$16 per hour $ 20 hours @$15 per hour 160 300 6/03 Materials Requisition Date No. Description Amount 6/02 63 6/02 64 31 lbs. polycarbonate plastic @ $12 per lb. 25 lbs. acrylic plastic @ $27 per lb. S 372 675 6/03 74 3 lbs. refined aluminum @$42 per lb. 126 Requirements 1. Prepare a job cost record for Job 423. Calculate the predetermined overhead allocation rate (round to two decimal places); then allocate manufacturing overhead to the job. 2. Journalize in summary form the requisition of direct materials and the assignment of direct labor and the allocation of manufacturing overhead to Job 423. Wages are not yet paid. 3. Joumalize completion of the job and the sale of the 5,000 DVDs on account. Print Done More info Sloan Technology allocates manufacturing overhead to jobs based on the relation between estimated overhead of $625,000 and estimated direct labor costs of $500,000. Job 423 was completed and shipped on June 3. Print Done X X DVD Sloan promised to deliver the DVDs to Prototype Pictures by June 5 Sloan incurred the following direct costs Click the loop to view the costs.) (Click the icon to view additional information.) Read the requirements ting OK JUN 2. Sloan began production of 5,000 DVDs, Job 423, for Prototype Pictures for $1.10 sales price per Requirement 1. Prepare a job cost record for Job 423. Calculate the predetermined overhead allocation rate (round to two decimal places); then afocate manufacturing overhead to the job Begin by determining the total amount of direct materials and direct labor incumed on the job. Next, calculate the predetermined overhead allocation rate and apply manufacturing overhead to the job. Lastly, compute the total cost of Job and the cost per DVD. Job Cost Record Job No. 423 Customer Name Job Description Date Promised 6-5 Prototype 5,000 DVDs Date Started 6-2 Direct materials Requisition Date Number Amount 0-2 63 8-2 6-3 232 Date Completed 6-3 Manufacturing overhead located Direct labor Labor Time Record Number Amount Date Rate: Amoun of direct 372 675 126 655 160 labor cost Overal Cost Summary 656 300 Direct materials Direct labor Totals Manufacturing overhead Allocated Total Job Cost Cost per DVD Requirement 2. Joumalize in summary form the requisition of direct materials and the assignment of direct labor and the allocation of manufacturing overhead to Job 423 Wages are not yet paid (Recont diftant planations from any journal entries.) Mamatain the use of direct materials Requirement 2. Journalize in summary form the requisition of direct materials and the assignment of direct labor and the allocation of manufacturing overhead to Job 423. Wages are not yet paid. (Record debit first, then credits Exclude explanations from any joumal entries) Start by joumalizing the use of direct matenas Date Jun 3 Next, joumalize the use of direct labor Date Jun 3 Accounts Debit Credit Accounts Debit Credit Now journalize the allocation of overhead to Job 423 Date Jan. 3 Accounts Debit Credit Jun. 3 Requirement 3. Journalize completion of the job and the sale of the 5,000 DVDs on account. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by preparing the entry to show the completion of the job. Date Jun. 3 Accounts Next, journalize the revenue portion of the sale of Job 423 Date Jun. 3 Accounts Finally, joumalize the cost of goods portion of the sale Date 313 Accounts Debit Credit Debit Credit Debit Credit