P19-30A (book/static) More Info Superior Construction, Inc. is a home builder in Arizona. Superior uses a job order costing system in which each company applies overhead based on estimated direct labor costs. For the year, it estimated construction overhead (Click the icon to view the events) a. Purchased materials on account, $400,000 b. Requisitioned direct materials and used direct labor in construction. Read the requirements. Recorded the materials requisitioned. Requirement 1. Calculate Superior's predetermined overhead allocation rate for the year Direct Materials Direct Labor 58,000 S 62,000 61,000 86,000 House 402 $ 44,000 32,000 58,000 57,000 Predetermined overhead House 403 allocation rate House 404 House 405 The company incurred total wages of $300,000. Use the data from Item b to assign the wages. Wages are not yet paid. Depreciation of construction equipment, $6,700 Other overhead costs incurred: Equipment rentals paid in cash, $30,000; Worker liability insurance expired, $7,000 Allocated overhead to jobs. Houses completed: 402, 404 House sold on account: 404 for $250,000 C. d. e. f. g. h. Print Done Choose from any list or enter any number in the input fields and then click Check Answer P19-30A (book/static) Question Help Superior Construction, Inc. is a home builder in Arizona. Superior uses a job order costing system in which each house is a job. Because it constructs houses, the company uses an account titled Construction Overhead. The comp labor costs. For the year, it estimated construction overhead of $1,150,000 and total direct labor cost of $5,750,000. The following events occurred during August: any app lies overhead based on estimated direct (Click eadthe re Requirements Requireme 1. Calculate Superior's predetermined overhead allocation rate for the year. 2. Prepare journal entries to record the events in the general journal 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have ad been opened for you. Post the appropriate entries to these accounts, identifying each entry by letter. Determine the ending account balances a zero 4. Add the costs of the unfinished houses, and show that this total amount equals 5. Add the costs of the completed house that has not yet been sold, and show 6. Compute gross profit on the house that was sold. What costs must gross profit ssuming that the beginning balances were the ending balance in the Work-in-Process Inventory account. that this equals the ending balance in Finished Goods Inventory. cover for Superior Construction? Print Done Choose from any list or enter any number in the input fields and then c swer