Exercise 2-3 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 a ccumulated on three custom jobs. Job 102 Job 103 Job 104 Direct materials $39,000 $48,000 $60,000 19,00026,500 38,000 9,120 12,720 18,240 Direct labor Overhead applied Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $13,000; direct labo, $3,300; and overhead, $1,584. 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 Req 3 Req 4 Using the accumulated costs of the jobs, what predetermined overhead rate is used? Overhead Rate Prev of 1 Next>