Please Open the files attached and make sure just to be straight and just fill on the blanks on the worksheet. Thank you

this is due today 07-17-16 by 11pm

B-19.05 Renaissance Gallery converts photographs to portraits via a tedious hand painting process. Costs are tracked for each painting, with gallery overhead being applied at 125% of direct labor cost. Renaissance Gallery began June with one job in process. This job related to the Price Wedding photo, and beginning work in process included total costs of $14,400 (direct labor, direct material, and applied overhead). During June, four new jobs were begun. These consisted of the Ramirez family portrait, the Oberweiss farm photo, the Ravenwood big fish picture, and the Zhang baby picture. The only job remaining in process at the end of June was the Ravenwood big fish picture. To date, $13,000 in direct labor and $3,500 of direct materials had been committed to the Ravenwood job. Total direct labor incurred on all jobs during June was $60,900. incurred on all jobs during June was $11,700. Total direct material (a) Compute the ending work in process inventory balance and the total cost assigned to finished jobs. (b) Why is it necessary to track costs to individual jobs? (c) The overhead application rate is based on estimates. What happens if the amount of overhead applied to individual jobs differs from the amount of overhead actually incurred? Name:_x000D__x000D_Date: I-19.03 Section: Polishing Overhead Rate (a) Sawing Overhead Rate NO HARD-CODED NUMBERS ON THIS SPREADSHEET! FORMULAS ONLY! (b) Sawing Polishing Total Direct labor $ - $ - $ - Direct materials $ - $ - $ - Factory overhead (126 X $5.50) $ - $ - $ - Factory overhead (130 X $3.00) $ - $ - $ - ### $ - $ (c) ### $ Sawing Actual factory overhead Polishing Total $ - $ - $ - Applied overhead rate $ - $ - Applied overhead $ - $ - $ - Under- or overapplied overhead $ - $ - $ - Direct labor hours Sawing machine hours I-19.03 Canada Quarries processes large pieces of granite into finely finished countertop material. Production occurs in two phases - sawing and polishing. The sawing phase is almost entirely automated and costs are largely driven by processing time on a computerized sawing machine. Polishing is a labor intensive process, and the amount of time on a particular job varies considerably based on the intrinsic stone quality and the desired sheen for a particular job. The Sawing Department applies factory overhead based on sawing machine hours. The Polishing Department applies factory overhead based on direct labor hours. The following table reveals estimates for the upcoming year. These estimates were used to determine the applicable factory overhead application rates: Sawing Polishing Direct labor $ 125,000 $ 800,000 Direct materials $ 75,000 $ 6,000 Factory overhead $ 275,000 $ 180,000 Direct labor hours 10,000 Sawing machine hours 50,000 60,000 n/a During the year, the company received and processed a granite order for a countertop to be used in the Washington County courthouse. The following table reveals information extracted from the materials requisition forms and daily time sheets relating to this particular job: Sawing Polishing Direct labor $ 300 $ 1,770 Direct materials $ 185 $ 20 Direct labor hours 24 Sawing hours 130 126 n/a Looking back at the end of the year, the company determined that actual data were as follows: Sawing Polishing Direct labor $ 121,000 $ 802,000 Direct materials $ 73,400 $ 8,000 Factory overhead $ 290,000 $ 188,000 Direct labor hours 9,600 60,500 I-19.03 Sawing machine hours 44,500 n/a (a) Determine the factory overhead application rates for each department. (b) Compute the cost to be assigned to the Washington County job. The job had been bid to the customer at a sales price of $35 per square foot, and the final dimensions are 4' X 25'. Did the company make a profit on this job? (c) Determine if overhead was underapplied or overapplied, and reassess the profit on the Washington County job.