& More info a. Purchased materials on account, $480,000 b. Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. Direct Materials House 402 House 403 $ House 404 House 405 Direct Labor 59,000 $ 46,000 68,000 33,000 66,000 55,000 80,000 51,000 c. The company incurred total wages of $280,000. Use the data from Item b to assign the wages. Wages are not yet paid. d. Depreciation of construction equipment, $6,000 e. Other overhead costs incurred: Equipment rentals paid in cash, $40,000; Worker liability insurance expired, $9,000. f. Allocated overhead to jobs. 9. Houses completed: 402, 404 h. House sold on account: 404 for $200,000 Print Done - X TUTE Requirements d sition ate D. 1. Calculate Memory's predetermined overhead allocation rate for the year. 2. Prepare journal entries to record the events in the general journal. 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the appropriate entries to these accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account. 5. Add the costs of the completed house that has not yet been sold, and show that this equals the ending balance in Finished Goods Inventory. 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Memory Construction? me compa Date Work-in-Process Inventory Print Done 273,000 - ACIDU have not been Memory Construction, Inc. is a home builder in Arizona. Memory uses a job order costing system in which each house is a job. Because it constructs houses, the company u an account titled Construction Overhead. The company applies overhead based on estimated direct labor costs. For the year, it estimated construction overhead of $1,200,0 and total direct labor cost of $2,400,000. The following events occurred during August: (Click the icon to view the events.) Read the fequrement 4. . ( , . a. Purchased materials on account, $480,000. Date Accounts a. Raw Materials Inventory Accounts Payable Debit Credit 480,000 480,000 b. Requisitioned direct materials and used direct labor in construction. Record the materials requisitioned Date Accounts b. Work-in-Process Inventory Raw Materials Inventory Debit 273,000 Credit 273.000 c. The company incurred total wages of $280,000. Use the data from item b to assign the wages. (Assume the wages have not been paid.) Date C. Accounts Work-in-Process Inventory Construction Overhead Wages Payable Debit Credit 273,000 70.000 280,000 20