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PR \#3 JOB COSTING, UNIT COST, ENDING WORK IN PROCESS INSTRUCTIONS: Using the data below, input your responses to the four required items in the yellow highlighted cells below. You are required to use formulas for all calculations for this problem. Rafael Company produces pipes for concert-quality organs. Each job is unique. In April 2022, it completed all outstanding orders, and then, in May 2022, it worked on only two jobs, M1 and M2: \begin{tabular}{|l|r|r|} \hline RAFAEL COMPANY, May 2022 & Job M1 & \multicolumn{1}{|l|}{ Job M2 } \\ \hline Direct materials costs & $78,000 & $51,000 \\ \hline Direct manufacturing labor costs & $273,000 & $208,000 \\ \hline & & \\ \hline \end{tabular} Direct manufacturing labor is paid at the rate of $26 per hour. Manufacturing overhead costs are allocated at a budgeted rate of $20 per direct manufacturing labor- hour. Only Job M1 was completed in May. REQUIREMENTS: 1. Calculate the total cost for Job M1. Total cost for Job M1 2. 1,100 pipes were produced for Job M1. Calculate the cost per pipe. Cost per pipe 3. Prepare the journal entry transferring Job M1 to finished goods. 4. What is the ending WIP balance for May 2022? Ending WIP balance