P3-374Red Fire Inc. produces fire tracks. The company uses a normal job-order costing system to calculate the Calculate the under or over applied OWNER oor job in process, with the following costs Base de dentarefactured. The company's policy is to price its job at cost plus 30% markup. On January 1, 2016, there is Job 200 Direct materials S13500 Direct labour 18000 Applied overhead 27.000 Total 35RSOO The following balances were taken from the general ledger of the company as of January 1, 2016 Direct materials inventory $45.000 Finished goods inventory (for Job 100) $85,000 During the year 2016, the following events occurred: Direct materials were purchased on account for $375.000 Theo more jobs were started. Job 300 and Job 400. Direct materials and direct labour costs incurred by each oben process during the year 2016 were as follone Job 200 Job 300 Job 400 Direct materials $150,000 545,000 $35,000 Direct labour 5130,000 $45,000 $25.000 The company incurred the following actual factory overhead during the year: Factory rent $135,000 Factory supplies $ 55,500 Indirect labour $ 85,750 Jobs 200 and 300 were completed Jobs 100 and 200 were sold. Instruction (4) Caleulate the total applied overhead for the year 2016. The factory overhead costs are applied to each job on the box of direct labour dollars. (6) Prepare simple job order cost sheets for jobs 200, 300, and 400 for the year ended December 31, 2016 to Prepare a schedule of cont of goods sold, identifying both normal and adjusted cost of goods sold, for the year endel December 31, 2016 te) Calculate the selling price of Job 200 calculate the enting balances as of December 31, 2016, for the following accounts: Direct Materials and Work in Proctor