Exercise 15-3 Analysis of cost flows LO C2 As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Direct materials Direct labor Overhead applied Job 102 $15,000 8,000 4,000 Job 103Job 104 $33,000 $27,000 14,200 21,000 7,100 10,500 Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $6,000; direct labor, $1,800, and overhead, $900. Jobs 103 and 104 were started in June. Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were used indirectly in June. Using this information, answer the following questions. (Assume this company's predetermined overhead rate did not change across these months.) 1&2. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs? 3. Using the accumulated costs of the jobs, what predetermined overhead rate is used? 4. How much total cost is transferred to finished goods during June? Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Reg 4 Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs Direct Materials Total Direct Materials Job May June Total 102 103 104 Total Direct Labor Job May June June Total 102 103 104 Total Overhead Rate Choose Denominator: Overhead Rate Choose Numerator: Job 102 Overhead rate Job 103 Overhead rate = Job 104 = Overhead rate Job Applied Overhead Total Cost total Cost Transferred to Finished Goods 1 Direct Materials $ 15,000 33,000 27,000 102 103 1 Direct Labor $ 8,000 14,200 21,000| $ 43,200 104 Total