job ordering cost

The William's Manufacturing Co. uses direct labor costs as a cost driver for overhead, using an overhead rat 145% The company's production activities for the month of May are as follows: 1. Purchased Raw Materials on account: $300,000 2. Materials were requisitioned for the following jobs during the month of May: 3. Paid cash for miscellaneous factory overhead costs: $12,000 4. Payroll records show the following assigned labor costs for the month of May: 4. Payroll records show the following assigned labor costs for the month of May: 5. Overhead was applied to all jobs. 6. Jobs A, B, and D were transferred to Finished Goods. 7. Jobs A and B were sold for a combined cash price of: $290,000 8. The following overhead costs were incurred during May (credit Prepaid Insurance for the expired factory insurance): 9. Calculate the balance for the Overhead account, and close the balance to Cost of Goods Sold. Required A. Complete the following job cost sheets for each individual job: B. Prepare journal entries to record the events/transactions 1 through 8. Assume beginning balances for WIP and Finished Goods inventories were $12,000 and $32,000, respectively. Given the events recorded by the journal entries, what are the ending May balances for the following account? Cost of Goods Sold (before closing) Work in Process Inventory Finished Goods Inventory