Port Manufacturing Company uses a process costing system. Materials are added at the beginning of the process. Direct labor and overhead are added evenly throughout the process. The company uses monthly reporting periods for its weighted average process costing. The following are the operating and cost data information for October. The October 1 beginning Work in Process Inventory consisted of 20,000 units. The costs for this inventory are $82,500 of direct materials, $24,400 of direct labor, and $48,800 of factory overhead. Factory overhead is applied at 200% of direct labor cost. In addition to the beginning inventory costs, the company issued the following costs into Work in Process Inventory; direct materials, $240,000; direct labor, $68,000; factory overhead, $136,000 During October, the company completed and transferred 60,000 units of its product to finished goods. At the end of the month, the Work in Process inventory consisted of 15,000 units that were 40% complete with respect to direct labor and factory overhead and 100% complete with respect to materials. Prepare the company's process cost summary for October using the weighted average method. Pert IV. (20 Points). Calwell Corp. uses a job order costing system. Four jobs were started during the current year. The following is a record of the costs incurred: Job # 1010 1011 1012 1013 Direct Direct Material Labor Used Used $45,000 $72,000 59,000 77,000 35,000 30,000 26,000 40,000 Direct Labor Hours Used 8,000 7,000 3,000 5,000 Actual overhead costs were $55,800. The predetermined overhead rate is $2.40 per direct labor hour. During the year, Jobs 1010, 1012, and 1013 were completed. Also, Jobs 1010 and 1013 were sold for $387,000. Assuming that this is Calwell's first year of operations: (a) Make the necessary journal entries to charge the costs to the jobs started and to record the completion and sale of finished jobs. (b) Calculate the ending balances in the Work in Process Inventory, Finished Goods Inventory, and Factory Overhead accounts. Does the Factory Overhead account balance indicate over-or underapplied overhead