Now record the cost of goods sold from the sale of house 404 . Sunrise Construction, Inc. is a home builder in Arizona. Sunrise uses a job order costing system in which each house is a job. Because it constructs houses, the company uses an account tilled Construction Overhead. The company applies overhead based on estimated direct labor costs. For the year, it estimated construction overhead of $1,400,000 and total direct labor cost of $3,500,000. The following events occurred during August: (Click the icon to view the events.) Read the requirements. More info a. Purchased materials on account, $410,000 b. Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. c. The company incurred total wages of $200,000. Use the data from Item b to assign the wages. Wages are not yet paid. d. Depreciation of construction equipment, $6,900 e. Other overhead costs incurred: Equipment rentals paid in cash, $40,000; Worker liability insurance expired, $8,000. f. Allocated overhead to jobs. g. Houses completed: 402,404 h. House sold on account. 404 for $260,000 Sunvise Construction, Inc. is a home bulder in Avizona. Sunrise uses a job order cosing systom in which each house is a job. Because it constructs houses, the campary uses an actount Etled Construction Overtweod. The company applies overhead based on estimated direct labor costs. For the year, it estimated construction overhend of $1,400,000 and total direct tabor cost of $3,500,000. The follewing events occurred during August: (1) (Click the icon to vew the events.) Read the reguimements. More info a. Purchased materials on account, $410,000 b. Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. c. The company incurred total wages of $200,000. Use the data from ltem b to assign the wages. Wages are not yet paid. d. Depreciation of construction equipment, $6,900 Requirement 1. Calculate Sunrise's predetermined overhead allocation rate for the year. Requirement 2. Prepare journal entries to record the events in the general journal. (Record debits first, then cre a. Purchased materials on account, $410,000. b. Requisitioned direct materials and used direct labor in construction. Record the materials requisitioned. d. Depreciation of construction equipment, $6,900 e. Other overhead costs incurred: Equipment rentals pald in cash, $40,000; Worker liability insurance expired, f. Allocated overhead to jobs. 9. Houses completed: 402,404 h. House sold on account: 404 for $260,000 Begin by recording the revenue from the sale on account. Do not record the expense related to the sale in this journal entry. Now record the cost of goods sold from the sale of house 404 . Now record the cost of goods sold from the sale of house 404 . Sunrise Construction, Inc. is a home builder in Arizona. Sunrise uses a job order costing system in which each house is a job. Because it constructs houses, the company uses an account tilled Construction Overhead. The company applies overhead based on estimated direct labor costs. For the year, it estimated construction overhead of $1,400,000 and total direct labor cost of $3,500,000. The following events occurred during August: (Click the icon to view the events.) Read the requirements. More info a. Purchased materials on account, $410,000 b. Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. c. The company incurred total wages of $200,000. Use the data from Item b to assign the wages. Wages are not yet paid. d. Depreciation of construction equipment, $6,900 e. Other overhead costs incurred: Equipment rentals paid in cash, $40,000; Worker liability insurance expired, $8,000. f. Allocated overhead to jobs. g. Houses completed: 402,404 h. House sold on account. 404 for $260,000 Sunvise Construction, Inc. is a home bulder in Avizona. Sunrise uses a job order cosing systom in which each house is a job. Because it constructs houses, the campary uses an actount Etled Construction Overtweod. The company applies overhead based on estimated direct labor costs. For the year, it estimated construction overhend of $1,400,000 and total direct tabor cost of $3,500,000. The follewing events occurred during August: (1) (Click the icon to vew the events.) Read the reguimements. More info a. Purchased materials on account, $410,000 b. Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. c. The company incurred total wages of $200,000. Use the data from ltem b to assign the wages. Wages are not yet paid. d. Depreciation of construction equipment, $6,900 Requirement 1. Calculate Sunrise's predetermined overhead allocation rate for the year. Requirement 2. Prepare journal entries to record the events in the general journal. (Record debits first, then cre a. Purchased materials on account, $410,000. b. Requisitioned direct materials and used direct labor in construction. Record the materials requisitioned. d. Depreciation of construction equipment, $6,900 e. Other overhead costs incurred: Equipment rentals pald in cash, $40,000; Worker liability insurance expired, f. Allocated overhead to jobs. 9. Houses completed: 402,404 h. House sold on account: 404 for $260,000 Begin by recording the revenue from the sale on account. Do not record the expense related to the sale in this journal entry. Now record the cost of goods sold from the sale of house 404