Instructions Job-Order Cost Sheets At the beginning of June, Rhone Company had two jobs in process, Job 44 and Job 45, with the following accumulated cost information: Overhead Rate 2. Prepare a brief job-order cost sheet for the four jobs. Show the balance as of June 1 as well as direct materials and direct labor added in June. Apply overhead to the four jobs for the month of June, and show the ending balances. Refer to Amount Descriptions for the exact wording of text items within your job-order cost sheets. All amount cells must have an entry; enter zeros as needed. Job 44 Job 45 Direct materials $5,300 $1,300 1. Calculate the overhead rate based on direct Direct labor 1,400 3,100 labor cost. Round to three decimal places. Applied overhead 980 2,170 The overhead rate based on direct labor cost is 70.000% Rhone Company Job-Order Cost Sheets For the Month of June Balance, June 1 $7,680 $6,570 1 Job 44 Job 45 Job 46 Job 47 During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month 2 Beginning balance, June 1 3 Job 44 Job 45 Job 46 Job 47 4 Direct materials $2,400 $7,160 $1,850 $1,750 5 Direct labor 740 6,420 1,000 520 6 Concluding Questions Amount Descriptions At the end of June, Jobs 44, 45, and 47 were completed. Only Job 45 was sold. On June 1, the balance in Finished Goods was zero. 3. Calculate the ending balances of Work in Process and Finished Goods as of June 30. Refer to the list below for the exact wording of text items within your job-order cost sheets. Work in Process: $ Finished Goods $ Required: 1. Calculate the overhead rate based on direct labor cost. Round to three decimal places. 2. Prepare a brief job-order cost sheet for the four jobs. Show the balance as of June 1 as well as direct materials and direct labor added in June. Apply overhead to the four jobs for the month of June, and show the ending balances. 3. Calculate the ending balances of Work in Process and Finished Goods as of June 30. 4. Calculate the cost of Goods Sold for June 4. Calculate the cost of Goods Sold for June Amount Descriptions Applied overhead Beginning balance, June 1 Direct labor Direct materials Cost of Goods Sold: $ Total, June 30