Lu Technology Co. manufactures DVDs for computer software and entertainment companies. Lu uses job order costing. On April 2, Lu began production of 5,300 DVDs, Job 423, for Portrait Pictures for $1.70 sales price per DVD. Lu promised to deliver the DVDS to Portrait Pictures by April 5. Lu incurred the following direct costs: (Click the icon to view additional information.) (Click the icon to view the costs.) Read the requirements. Data table Apr. 3 Date Labor Time Record No. Description Amount 4/02 655 4/03 656 10 hours @ $16 per hour $ 20 hours @$13 per hour 160 260 Materials Next, journalize the rev Requisition Date Date No. Description Amount 4/02 63 Apr. 3 31 lbs. polycarbonate plastic @ $11 per lb. $ 341 4/02 64 25 lbs. acrylic plastic @ $28 per lb. 700 4/03 74 3 lbs. refined aluminum @ $45 per lb. 135 Finally, journalize the co Date Apr. 3 Print Done - ent companies. Lu uses job order costing. On April 2, Lu began production of 5,300 DVDs, Job 423, for Portrait Pictures for $1.70 sales price per DVD. Lu promised to deliver the DVDS to Portrait Pictures by April 5. Lu incurred the following direct costs: (Click the icon to view the costs.) (Click the icon to view additional information.) Read the requirements. Requirement 1. Prepare a job cost record for Job 423. Calculate the predetermined overhead allocation rate (round to two decimal places); then allocate manufacturing overhead to the job. Begin by determining the total amount of direct materials and direct labor incurred on the job. Next, calculate the predetermined overhead allocation rate and apply manufacturing overhead to the job. Lastly, compute the total cost of Job 423 and the cost per DVD. Job Cost Record Job No. 423 Customer Name Job Description Date Promised 4-5 Portrait 5,300 DVDs Date Started 4-2 Date Completed 4-3 Direct materials Direct labor Manufacturing overhead allocated Labor Time Requisition Date Number Amount Record Number Amount Date Rate Amount 4-3 of direct 4-2 63 341 655 160 labor cost 4-2 64 700 Overall Cost Summary 4-3 74 135 656 260 Direct materials Totals 1176 Allocated Total Job Cost 420 Cost per DVD Requirement 2. Journalize in summary form the requisition of direct materials and the assignment of direct labor and the allocation of manufacturing overhead to Job 423. Wages are not yet paid. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by journalizing the use of direct materials. Date Apr. 3 Next, journalize the use of direct labor. Date Apr. 3 Accounts Debit Credit Accounts Debit Credit Now journalize the allocation of overhead to Job 423. Date Apr. 3 Accounts Debit Credit Requirement 3. Journalize completion of the job and the sale of the 5,300 DVDs on account. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by preparing the entry to show the completion of the job. Date Apr. 3 Accounts Next, journalize the revenue portion of the sale of Job 423. Date Accounts Debit Credit Debit Credit Apr. 3 Next, journalize the revenue portion of the sale of Job 423. Date Apr. 3 Accounts Finally, journalize the cost of goods portion of the sale. Date Apr. 3 Accounts Debit Credit Debit Credit