Mmanagerial confusion

(2?:1 .Illl 15 /0 i ACCT 1220 TEST 3 A 9/9'\") 6. Reed Incorporated uses a joborder costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing overhead for the year would be $240,000 and machine hours would be 8,000. The following information pertains to December of the current year: Job 10 Job 11 Job 12 Total Workin-process, Dec. 1 $16,000 $26,000 $38,000 $80,000 December production activity: Materials requisitioned $4,000 $4,800 $7,200 $16,000 Direct labor cost 2,400 3,600 4,000 10,000 Machine hours 400 hrs' 700 hrs' 900 hrs' 2,000 hrs' Labor hours 120 hrs' 180 hrs' 200 hrs' 500 hrs' Actual manufacturing overhead cost incurred in December was $61,000. Required: Compute the predetermined overhead application rate Determine the total cost associated with each job. If Jobs 10 and 12 were completed, prepare the journal entry to move the cost. If Job 10 was delivered to customers that paid $50,000 cash, prepare the journal entries. What is the gross margin for I ob 10? WWPCW?' What is the cost assigned to ending work in process? Assuming no beginning nished gag what is the cost assigned to ending finished goods