Exercise 15-3 Analyzing 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. ed Direct materiais Direct labor Overhead applied Job 102 Job 103 Job 104 $35,000 $49,000 $54,00 18,000 30,000 45,000 8,460 14,100 21,150 SK Job 102 was started in production in May, and the following costs were assigned to it in May, direct materials, $14,000, direct labor, $3,500, and overhead, S1645. 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) 182. 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 in Req 1 and 2 Reg 3 Req 4 Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during Ju each of the three jobs. Direct Materials Job May 102 June Total 103 0 104 0 Total 0 Direct Labor Job May 102 June Total 103 $ 0 104 0 Total 0 Bank arch Req 1 and 2 Reqs Req 4 Using the accumulated costs of the jobs, what predetermined overhead rate is used? Overhead Rate Choose Numerator: 1 Choose Denominator: Overhead Rate Job 102 / 11 Overhead rate 11 0 Job 103 Overhead rate 1 E 0 Job 104 / Overhead rate / 0 Req 1 and 2 Req 3 Reg 4 How much total cost is transferred to fikished goods during June? Job Direct Materials Direct Labor Applied Overhead Total Cost Cost Transferred to Finished Goods 102 $ 35,000 $ 18,000 49,000 30,000 103 104 64,000 45,000 Total $ 148,000 $ 93,000