III. (20 points) At the beginning of March, the Mendez Company had two jobs in work in process, Job 86and Job 87, with the following accumulated cost information: Job 86 Job 87 Direct Materials $4,800 $1,600 Direct Labor 1,200 3,000 Applied MOH 1,440 3,600 Balance March 1 $7.440 $8,200 During March, two more jobs were started (88 and 89). The following direct materials and direct labor costs were assigned to the four jobs that were in process during March. wip L Job 86 Job 87 Job 88 Job 89 ( SOLD ) Direct Materials $3,000 $7,000 $2,100 $1,500 Direct Labor 800 6,000 900 500 By the end of March, Jobs 86, 87, and 89 were completed and transferred to finished goods. Job 89 was sold by the end of March. On March 1, the balance in finished goods inventory was "0". Required: a. Calculate the manufacturing overhead rate based on Direct Labor Cost. b. Prepare a simple Job Order Cost sheet for the four Jobs that were in process during March. Be sure to include the MOH that is applied to the four jobs during March. (Use the simple format shown above for Jobs 86 and 87). c. Calculate the March 31 balances in Work in Process Inventory. d. Calculate the March 31 ending balance in Finished Goods Inventory. e. Calculate the Cost of Goods Sold balance for the month of March