Due on Thursday Uctober 17th page 1 of 2 Your client ARC Manufacturing has provided you with job cost sheets as follows: Job No 210 Quantity 1,500 Date July 1 8 Direct Materials $9,000 $8,500 Direct Labor $8,000 Manufacturing Overhead $12,000 10 $10,000 15 $5,500 25 $20,000 Job No 211 Quantity 1,200 Date July 1 Direct Materials $5,000 Direct Labor $6,000 Manufacturing Overhead $9,000 $9,000 $8,000 15 20 27 $7,000 $12,000 Ralph Whitlock, CFO of ARC Manufacturing has emailed you the above information and has also provided you with a list of questions he needs you to answer. Email from rtwhitlock@arcmanufactiring.com Please provide answers to my questions below: 1. What was the balance in Work in Process Inventory on July 1 if these were the only unfinished jobs? 2. What was the predetermined overhead rate in June If overhead was applied on the basis of direct labor cost? 3. If July is the start of a new fiscal year and the overhead rate is 20% higher than in the preceding year, how much overhead should be applied to Job 210 in July? 4. Assuming Job 210 is complete, what is the total and unit cost of the job? 5. Assuming Job 211 is the only unfinished job at July 31, what is the balance in Work in Process Inventory on this date? In addition to the questions above, I would like you to do the following: Journalize the summary entries to record the assignment of costs to the jobs in July (Note: Make one entry in total for each manufacturing cost element.) Finally, please see my information on the next page for our Specialized Assembly Division. Thanks very much, R.T. Whitlock