part b

Cost data for the month of March follow. 1. Purchased supplies on account $1,440. 2. Issued supplies $960 ( 60% direct and 40% indirect). 3. Assigned labor costs based on time cards for the month which indicated labor costs of $56,000 ( 80% direct and 20% indirect). 4. Operating overhead costs incurred for cash totaled $32,000. 5. Operating overhead is applied at a rate of 90% of direct labor cost. Cost data for the month of March follow. 1. Purchased supplies on account $1,440. 2. Issued supplies $960 ( 60% direct and 40% indirect). 3. Assigned labor costs based on time cards for the month which indicated labor costs of $56,000 ( 80% direct and 20% indirect). 4. Operating overhead costs incurred for cash totaled $32,000. 5 Operating overhead is applied at a rate of 90% of direct labor cost. 6. Work completed totaled $60,000. Journalize the transactions for March. (List all debit entries before credit entries. Credit occount titles are automatically indented when amount is entered. Do not indent manually.) 4. \begin{tabular}{l} Operating Overhead \\ \hline Cash \\ \hline \end{tabular} 32000 5. Service Contracts in Process 40320 Operating Overhead 40320 6. Cost of Compieted Service Contracts 60000 Service Contracts in Process 60000 (b) Determine the balance of the Service Contracts in Process account. Balance of Service Contracts in Process account