Meadow Construction, Inc. is a home builder in Arizona. Meadow uses a job order costing system in which each house is a job. Because it constructs houses, the company uses an account titled Construction Overhead. The company applies overhead based on estimated direct labor costs. For the year, it estimated construction overhead of $1,150,000 and total direct labor cost of $5,750,000. The following events occurred during August: (Click the icon to view the events.) Read the requirements. Date Accounts Debit Credit More info g. Finished Goods Inventory 236,200 Work-in-Process Inventory 236,200 a. Purchased materials on account, $450,000 b. Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. Direct Materials Direct Labor h. House sold on account: 404 for $250,000 House 402 $ 52,000 $ 47,000 House 403 Begin by recording the revenue from the sale on account. Do not record the expense related to the sale in this journal entry. 67,000 36,000 House 404 63,000 54,000 Date Accounts Debit Credit House 405 88,000 52,000 h. Accounts Receivable 250,000 Sales Revenue 250,000 Now record the cost of goods sold from the sale of house 404. Date Accounts Debit Credit h. Cost of Goods Sold Finished Goods Inventory c. The company incurred total wages of $240,000. Use the data from Item b to assign the wages. Wages are not yet paid. d. Depreciation of construction equipment, $6,300 e. Other overhead costs incurred: Equipment rentals paid in cash, $40,000; Worker liability insurance expired, $5,000. f. Allocated overhead to jobs. g. Houses completed: 402, 404 h. House sold on account: 404 for $250,000 Print Done