Exercise 15-3 Analyzing of cost flows LO C2 As of the end of June, the job cost sheets ot Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 Job 103 Job 104 Direct materials $37.000 $55,000 $57,808 Direct labor 12,000 26,200 45,000 Overhead applied 5,040 11,004 18,900 Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, $11,000, direct labor $2,900; and overhead, $1.218. 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. Reg 4 Roq 1 and 2 Reg 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 Req 1 and 2 Reg 3 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 Job May Total 102 Jung 0 103 0 104 0 Total Direct Labor Job May June Total 102 $ 0 103 0 104 0 Total Reg 1 and 2 Req3 > Req 1 and 2 Req3 Reg 4 Using the accumulated costs of the jobs, what predetermined overhead rate is used? Overhead Rate 1 Choose Denominator: Overhead Rate Choose Numerator: Job 102 1 II Overhead rate 0 Job 103 / Overhead rate 7 Job 104 11 Overhead rate 11 0 Req 1 and 2 Req 4 > Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Reg 4 How much total cost is transferred to finished goods during June? Job Applied Overhead Total Cost Cost Transferred to Finished Goods 102 103 Direct Direct Materials Labor $ 37,000 $ 12,000 55,000 26,200 57.000 45,000 $ 149,000 $ 83,200 104 Total