Exercise 5-37 APPLYING OVERHEAD TO JOBS, COSTING JOBS Perrine Company builds internal conveyor equipment to client specifications. On Octo- ber 1, Job 877 was in process with a cost of $20,520 to date. OBJECTIVE 4 During October, Jobs 878, 879, and 880 were started. Data on costs added during October for all jobs are as follows: Job 877 $13,960 13,800 Job 878 Job 880 $4,800 4,000 Job 879 Direct materials Direct labor 7,000 10,000 $ 350 1,500 208 Chapter 5 Job-Order Costing Overhead is applied to production at the rate of 85 percent of direct labor cost. 878 was completed on October 28, and the client was billed at cost plus 50 percent. other jobs remained in process. Required: 1. Prepare a brief job-order cost sheet showing the October 1 balances of all four jo 2. 3. 4. plus the direct materials and direct labor costs during October. (There is no need calculate applied overhcad at this point or to total the costs.) Calculate the overhead applied during October. Calculate the balance in Work in Process on October 31. What is the price of Job 878