P $5.$ Computing costs of jobs, preparing Journal entries and making correction of over or under allocation of MOH

Rishi Inc. provides the following production information for August:

Rishi was working on three jobs during August: Job $21,22$ and $23.$ The job costs sheets of these jobs shows

the following information:

Rishl applies overhead based on the direct labor costs using a oredetermined overhead rate of $110\%$ of the direct labor costs.

MOH account at the beginning of August was zero.

During August, Joh $21$ and $22$ was completed and Jab $21$ was sold for $$28,000$ on account.

Required:

a$)$ Camplete the job ensts sheets using the template beiow

b$]$ Compute the ower or under$-$applied MOH balance at the end of August using the T$-$Account below:

MOH Account

cl Pravide journal entries to record the following:

Purchase of raw material inventory,

ii$)$ Use of direct material costs,

iii$)$ Incurring direct labor costs,

th$)$ Application of MOH $,$

v$)$ Incurring actual MOH $,$

vi$)$ Campletion of Jabs $21$ and $22$ and

vii$)$ Sales and delivery of Job $21$ to the customer.

viii$)$ Closing MOH balance to COG$5$ account