On December 31, 2021 Ford had the following jobs in process: Job 307 and Job 309 (Job costs sheets for these jobs are included on pages 3 and 4 of this packet) Requirement 1: (2 points) What is Ford's 12/31/21 balance of Work in Process Inventory on the balance sheet? Ford Construction estimates the following costs for 2022: Direct labor $732,160 (33,280 hours at $22 per hour) Manufacturing overhead $240,000 Ford uses direct labor hours to assign manufacturing overhead costs to jobs. Round to the nearest cent. Requirement 2: (2 points) What is Ford's 2022 predetermined overhead rate? During January 2022, Ford issued the following materials requisition forms and labor time tickets Materials Requisition forms Labor Time Tickets -679 2022-W1 -680 2022-W2 M-681 2022-W3 -682 2022-W4 During January 2022, Ford started Jobs 310, 311 and 312. Ford completed jobs 307, 309 and 310. Job 307 and 309 were sold to customers at the amount bid in their customer contracts. Job 307 had a contract price of $30,000 and Job 309 was $10,800. The sales transaction for Job 310 has not yet been completed as of 1/31/22 as it is pending final inspection from city inspectors. Requirement 3: 2 points for each Job cost sheet Complete the job cost sheets for all the jobs 307, 309, 310, 311, 312. These are found on pages 3 through 7 of this packets. Ford Construction Job Cost Sheet Customer: Sally Sue Address: Job No: 307 Date started: 12-7-21 Date completed: 1-15-22 Job Description: Kitchen Remodel Materials -675 Drywall Cabinets $900 15,000 $15,900 -678 12-31-21 total Labor 2021-W49 85 hours $1785 2021-W50 120 hours 2520 12-31-21 205 hours $4305 December 2021 January 2022 TOTAL Materials 15,900 4,305 205 hrs @ 7.15 = Labor Overhead 1465.75 Total $21,670.75 Ford Construction Job Cost Sheet Customer: Joe Bob Job No: 309 Address: Date started: 12-19-21 Date completed: 1-6-22 Job Description: New Dining Room Floor Materials Plywood Underlayment $1,500 $3,500 $5,000 M-676 M-677 Hardwood Flooring 12-31-21 total Labor 2021-W51 40 hours $840 1,680 12-31-21 total 120 hours $2,520 2021-W52 80 hours December 2021 $5,000 2,520 120 hrs @ 7.15 = January 2022 Total Materials Labor Overhead 858 Total $8,378