Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost, Unit Cost On August 1, Cairle Company's work-in-process inventory consisted of three jobs with the following costs: Direct materials Direct labor Applied overhead Job 70 Job 71 Job 72 $1,500 $2,000 $850 1,900 1,520 1,200 900 960 720 During August, four more jobs were started. Information on costs added to the seven jobs during the month is as follows: Direct materials Job 70 Job 71 $8001 $1,235 Job 72 Job 73 Job 74 Job 75 Job 76 $3,600 $5,000 $300 $560 $80 Direct labor 1,000 1,400 2,200 1,800 600 850 170 Before the end of August, Jobs 70, 72, 73, and 75 were completed. On August 31, Jobs 72 and 75 were sold. Required: 1. Calculate the predetermined overhead rate based on direct labor cost. % of direct labor cost. 2. Calculate the ending balance for each job as of August 31. Ending Balance Job 70 Job 71 Job 72 CICT