On December 31, 2023 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 12/31/23 balance of Work In Process Inventory on the balance sheet? Ford Construction estimates the following costs for 2024: Direct labor $741,000(28,500 hours at $26 per hour ) Manufacturing overhead $177,270 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 2024 predetermined overhead rate? During January 2024, Ford issued the following materials requisition forms and labor time tickets During January 2024, Ford started Jobs 310, 311 and 312. Ford completed jobs 307, 309 and 312. Job 307 and 309 were sold to customers at the amount bid in their customer contracts. Job 307 had a contract price of $40,000 and Job 309 was $15,000. The sales transaction for Job 312 has not yet been completed as of 1/31/24 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 packet. Requirement 4: (2 points each) What is the balance of the following accounts on 1/31/24 ? Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Sales Requirement 5: (1 point each) Which financial statement is work in process inventory reported on? Which financial statement is finished goods inventory reported on? Which financial statement is cost of goods sold reported on? Ford Construction Job Cost Sheet Ford Construction Job Cost Sheet Ford Construction Job Cost Sheet Ford Construction Job Cost Sheet Ford Construction Job No: 307 M-679 Date: 1/6/24 Field supervisor signature: Boss B. Me Ford Construction Materials Requisition Form M-680 Job No: 310 Date: 1/6/24 Field supervisor signature: Boss B. Me Ford Construction Materials Requisition For M681 Job No: 311 Date: 1/13/24 Field supervisor signature: Boss B. Me Ford Construction Materials Requisition Form M682 Job No: 312 Date: 1/20/24 Field supervisor signature: Boss B. Me Ford Construction Weekly Time Summary Cost to Job 307 Cost to Job 309 Cost to Job 310 Ford Construction Weekly Time Summary Cost to Job 307 Cost to Job 310 Cost to Job 311 Ford Construction Weekly Time Summary Cost to Job 310 Cost to Job 311 Cost to Job 312 Ford Construction Weekly Time Summary Cost to Job 310 Cost to Job 311 Cost to Job 312 On December 31, 2023 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 12/31/23 balance of Work In Process Inventory on the balance sheet? Ford Construction estimates the following costs for 2024: Direct labor $741,000(28,500 hours at $26 per hour ) Manufacturing overhead $177,270 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 2024 predetermined overhead rate? During January 2024, Ford issued the following materials requisition forms and labor time tickets During January 2024, Ford started Jobs 310, 311 and 312. Ford completed jobs 307, 309 and 312. Job 307 and 309 were sold to customers at the amount bid in their customer contracts. Job 307 had a contract price of $40,000 and Job 309 was $15,000. The sales transaction for Job 312 has not yet been completed as of 1/31/24 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 packet. Requirement 4: (2 points each) What is the balance of the following accounts on 1/31/24 ? Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Sales Requirement 5: (1 point each) Which financial statement is work in process inventory reported on? Which financial statement is finished goods inventory reported on? Which financial statement is cost of goods sold reported on? Ford Construction Job Cost Sheet Ford Construction Job Cost Sheet Ford Construction Job Cost Sheet Ford Construction Job Cost Sheet Ford Construction Job No: 307 M-679 Date: 1/6/24 Field supervisor signature: Boss B. Me Ford Construction Materials Requisition Form M-680 Job No: 310 Date: 1/6/24 Field supervisor signature: Boss B. Me Ford Construction Materials Requisition For M681 Job No: 311 Date: 1/13/24 Field supervisor signature: Boss B. Me Ford Construction Materials Requisition Form M682 Job No: 312 Date: 1/20/24 Field supervisor signature: Boss B. Me Ford Construction Weekly Time Summary Cost to Job 307 Cost to Job 309 Cost to Job 310 Ford Construction Weekly Time Summary Cost to Job 307 Cost to Job 310 Cost to Job 311 Ford Construction Weekly Time Summary Cost to Job 310 Cost to Job 311 Cost to Job 312 Ford Construction Weekly Time Summary Cost to Job 310 Cost to Job 311 Cost to Job 312