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 accumulated on three custom jobs. Direct material:s Direct labor Overhead applied Job 102 Job 103 Job 104 $22,000 $55,000 $58,000 12,000 29,900 38,000 5,520 13,754 17,480 Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $13,000; direct labor, $3,300; and overhead, $1,518. 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? Req 1 and 2 Req 3 Req 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 Job 102 103 104 Total May June 22,000 55,000 58,000 135,000 13,000 $ 9,000S 55,000 58,000 13,000 $ 122,000 S Direct Labor Job 102 103 104 Total May June Total 3,300 3,300 3,300 3,300 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 Choose Numerator: Choose Denominator: | # | Overhead Rate Job 102 Overhead rate Job 103 Overhead rate Job 104 # | Overhead rate Req 1 and 2 Req4 > Complete this question by entering your answers in the tabs below Req 1 and 2 Req 3 Req 4 How much total cost is transferred to finished goods during June? Direct Materials Direct Labor Applied Overhead Cost Transferred to Finished Goods Total Cost 0 102 103 104 Total $ 22,00012,000 29,900 38,000 $ 135,000$ 79,900 55,000 58,000 K Req 3 Req 4x