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Ch 15 - Job Order Costing Problem (30 points) The total Estimated Overhead costs for the year were $1,632,000 and estimated labor hours were 120,000 hours. At the beginning of February, there were 3 incomplete jobs in Work-In-Process, and the following manufacturing costs were added in the month of February. Manufacturing Overhead is applied based on Labor Hours. Jobs Feb -Beginning Feb - Direct Feb - Direct Feb - Labor Balance Material Labor Hours Job #101 $236,000 $15,600 $23,500 1,300 hrs Job #102 $185,000 $13,800 $22,300 1,250 hrs Job #103 $125,000 $12,500 $25,800 1,100 hrs At the end of February, Job #101 was completed and sold to the customer for a 30% markup. Answer the following questions using the data above: 1. Compute the predetermined Overhead rate for the year? (round to 2 decimals) (3 pts) 2. Compute the Beginning WIP balance for the month of February? (3 pts) 3. Compute the Manufacturing Overhead applied to each job in February? (5pts) 4. Record the entry to assign February manufacturing costs to WIP. (5 pts) 5. Compute the total cost of Job #101 at completion? (4 pts) 6. Record the entry for completion of Job #101. (3 pts) 7. Record the entry for sale of Job #101. (3 pts) 8. Compute the Ending WIP balance at the end of February? (4 pts) Instructions: Show all calculations for each item and entries when necessary, by numbering your answers on paper