Hodges Company uses a job-order costing system and has the following information for the first week of June:

1. Direct labor and direct materials used

Job No.	Direct Materials	Direct Labor Hours
498	$1,500	116
501	700	105
503	800	95
506	960	16
507	415	18
508	345	42
509	650	24
Total	$5,370	416

2. The direct labor wage rate = $5

3. The overhead rate (based on direct labor hours) = $8

4. Actual overhead costs for the week = $3,300

5. Jobs completed: Nos. 498, 501, and 503.

6. The factory had no work in process at the beginning of the week.

Required:

a. Prepare journal entries to record the direct materials, direct labor and applied overhead for each job.

b. Prepare a summary that will show the total cost assigned to each job.

c. Compute the amount of overhead over- or underapplied during the week.

d. Calculate the cost of the work in process at the end of the week.

e. Job 498 was sold. Calculate the cost of goods sold and finished goods inventory.