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? M-679 M-681 During January 2022, Ford issued the following materials requisition forms and labor time tickets Materials Requisition forms Labor Time Tickets 2022-W1 M-680 2022-W2 2022-W3 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. M-682 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 packet. Requirement 4: (2 points each) What is the balance of the following accounts on 1/31/22? Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Sales Requirement 5: (1 point each) Which financial statement is cost of goods sold reported on? Which financial statement is work in process inventory reported on? Which financial statement is finished goods inventory reported on? Customer: Sally Sue Job No: 307 Address: Date started: 12-7-21 Date completed: 1-15-22 Job Description: Kitchen Remodel M-675 Materials Drywall Cabinets 12-31-21 total M-678 $900 15,000 $15,900 Labor 85 hours 2021-W49 $1785 2021-W50 120 hours 2520 12-31-21 205 $4305 TOTAL December 2021 January 2022 Materials Labor Overhead 15,900 4,305 205 hrs @ 7.15 = 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 M-676 Materials Plywood Underlayment Hardwood Flooring 12-31-21 total M-677 $1,500 $3,500 $5,000 2021-W51 2021-W52 Labor 40 hours 80 hours 12-31-21 total 120 hours $840 1,680 $2,520 Total December 2021 January 2022 Materials Labor Overhead $5,000 2,520 120 hrs @ 7.15 = 858 $8,378 Total Ford Construction Job Cost Sheet Customer: Roger Job No: 310 Address: Date started: 1-6-22 Date completed: 1-30-22 Job Description: Bathroom addition to second floor Total January 2022 Materials Labor Overhead Total Ford Construction Job Cost Sheet Customer: Wilma Job No: 311 Date started: 1-13-22 Address: Date completed: Job Description: Garage January 2022 Total Materials Labor Overhead Total Ford Construction Job Cost Sheet 7 Customer: Fred Job No: 312 Address: Date started: 1-20-22 Date completed: Job Description: Master Bedroom addition January 2022 Materials 8 Labor Overhead Total Materials Requisition Form Ford Construction M-679 Job No: 307 Date: 1/6/22 Field supervisor signature: Boss 8. Me Material Total Quantity (By field) 1 Cost (By Office) $240 Sink 240 Faucet 1 $150 150 nisen Table Chart Text Shape Media Comment Faucet 1 1 $150 150 Total $390 --Ford Construction Materials Requisition Form M-680 Job No: 310 9 Date: 1/6/22 Field supervisor signature: Boss 8. Me Material Total Quantity (By field) 40 sheets Drywall Flooring Cost (By Office) $5/sheet $12/foot 200 100 square feet 1200 Hot Tub 1 $1800 1800 Hot Tub 1 $1800 1800 Total $3200 Ford Construction M-681 Materials Requisition For Job No: 311 Date: 1/13/22 Field supervisor signature: Boss 8. Me Material Total Quantity (By field) 2x4,2x2, 2x10 Cost (By Office) Etc Framing $1000 10 Construction Materials Requisition Form M-682 Job No: 312 Date: 1/20/22 Field supervisor signature: Boss 8. Me Material Total Quantity (By field) 2x4,2x2, 2x10 Cost (By Office) Etc Framing $1400 Ford Construction Weekly Time Summary 2022-W1 Total Job 310 40 40 Job 307 Job 309 Employee 1 - $20 per hour 40 hours Employee 2 - $22 per hour 40 hours Employee 3 - $20 per hour 10 hours 30 hours Employee 4 - $24 per hour 10 hours 20 hours Employee 5 - $21 per hour 8 hours Employee 6 - $23 per hour 40 10 hours 40 32 hours 40 40 hours 40 Cost to Job 307 40 hours $800 $20 @$20 $200 Employee 1 Employee 3 Employee 4 TOTAL 10 hours 10 hours 60 hours @$24 $240 $1,240 Cost to Job 309 @$22 $880 $600 Employee 2 Employee 3 Employee 4 Employee 5 40 hours 30 hours 20 hours 8 hours @$20 @$24 $480 @$21 $168 TOTAL 98 hours $2128 Cost to Job 310 10 hours $240 Employee 4 Employee 5 Employee 6 @$24 @$21 32 hours $672 40 hours @$23 $920 TOTAL 82 hours $1832 Ford Construction Weekly Time Summary 2022-W2 Total Job 311 40 0 Job 307 Job 310 Employee 1 - $20 per hour 32 hours 8 hours Employee 2 - $22 per hour 0 Employee 3 - $20 per hour 10 hours 30 hours Employee 4 - $24 per hour 8 hours 32 hours Employee 5 - $21 per hour 16 hours Employee 6 - $23 per hour 40 hours 40 40 24 hours 40 40 Cost to Job 307 32 hours $20 $640 @$20 $200 Employee 1 Employee 3 Employee 4 TOTAL 10 hours 8 hours 50 hours @$24 $192 $1,032 Cost to Job 310 $20 8 hours 30 hours 32 hours $160 $600 Employee 1 Employee 3 Employee 4 Employee 5 Employee 6 @$20 @$24 $768 16 hours @$21 $336 40 hours @S23 $920 $920 14 TOTAL 126 hours $2,784 Cost to Job 311 24 hours Employee 5 TOTAL $21 $504 24 hours $504 ora struction Weekly Time Summary 2022-W3 Total Job 312 40 0 Job 310 Job 311 Employee 1 - $20 per hour 40 hours Employee 2 - $22 per hour 0 Employee 3 - $20 per hour 40 hours Employee 4 - $24 per hour 12 hours 28 hours Employee 5 - $21 per hour 16 hours Employee 6 - $23 per hour 16 hours 40 40 24 hours 40 24 hours 40 Cost to Job 310 40 hours @$20 $800 40 hours $800 Employee 1 Employee 3 Employee 4 TOTAL $20 @$24 $288 12 hours 92 hours $1888 $672 Cost to Job 311 Employee 4 Employee 5 Employee 6 TOTAL 28 hours 16 hours 16 hours @$24 @$21 @$23 $336 $368 $1,376 60 hours Cost to Job 312 24 hours @$21 $504 Employee 5 Employee 6 TOTAL 24 hours @$23 $552 48 hours $1,056 Ford Construction Weekly Time Summary 2022-W4 Total Job 312 20 hours 40 0 Job 310 Job 311 Employee 1 - $20 per hour 20 hours Employee 2 - $22 per hour 0 Employee 3 - $20 per hour 40 hours Employee 4 - $24 per hour 8 hours 8 hours Employee 5 - $21 per hour 16 hours Employee 6 - $23 per hour 16 hours 40 24 hours 40 24 hours 40 24 hours 40 @$20 $400 Cost to Job 310 Employee 1 20 hours Employee 3 40 hours Employee 4 8 hours TOTAL 68 hours $800 @$20 @$24 $192 $1,392 @$24 $192 Cost to Job 311 Employee 4 Employee 5 Employee 6 TOTAL 8 hours 16 hours 16 hours @$21 $336 $23 $368 40 hours $896 Cost to Job 312 20 hours @$20 $400 24 hours @$20 $480 Employee 1 Employee 3 Employee 5 Employee 6 TOTAL 24 hours @$21 $504 24 hours @$23 $552 92 hours $1,936