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Bowen Bridge Company constructs bridges for the State of Kentucky. During 2018, Bowen started work on three bridges. The cost of materials and labor for each bridge follows: Special Orders Bridge 305 Bridge 306 Bridge 307 Materials $401, 356,900 789,800 Labor $347.300 369,100 908, 200 The predetermined overhead rate is $1.20 per direct labor dollar. Actual overhead costs were $2,164,400. Bridge 306 was completed for a contract price of $1,352,800 and was turned over to the state. Construction on Bridge 305 was also completed but the state had not yet finished its inspection process. General selling and administrative expenses amounted to $209,400. Over- or underapplied overhead is closed directly to the Cost of Goods Sold account. The company recognizes revenue when it turns over a completed bridge to a customer Required a. Determine the cost of construction for Bridge 305, Bridge 306 and Bridge 307 b. Prepare an income statement and the asset section of the balance sheet Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Cher for a contract price of $1,352,800 and was turned over to the state Construction on Bridge 305 was also completed but the state had not yet finished its inspection process. General selling and administrative expenses amounted to $209,400. Over- or underapplied overhead is closed directly to the Cost of Goods Sold account. The company recognizes revenue when it turns over a completed bridge to a customer Required a. Determine the cost of construction for Bridge 305, Bridge 306 and Bridge 307 b. Prepare an income statement and the asset section of the balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Determine the cost of construction for Bridge 305, Bridge 306 and Bridge 307. Materials Labor Overhead Total Bridge 305 Bridge 306 Bridge 307 Total 050 a. Determine the cost of construction for Bridge 305, Bridge 306 and Bridge 307. b. Prepare an income statement and the asset section of the balance sheet Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Prepare an income statement. BOWEN BRIDGE COMPANY Income Statement For the Period 2018 Revenue Cost of goods sold Gross profit General, selling, and administrative expenses Net loss Required a. Determine the cost of construction for Bridge 305. Bridae 306 and Bridae 307 b. Prepare an income statement and the asset section of the balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Prepare a asset section of the balance sheet. BOWEN BRIDGE COMPANY Balance Sheet Asset Section Finished goods inventory Work in process inventory |