Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost, Unit Cost On August 1, Cairle Companys work-in-process inventory consisted of three jobs with the following costs: Job 70Job 71Job 72Direct materials$1,500$2,000$850Direct labor1,9001,200900Applied overhead1,520960720 During August, four more jobs were started. Information on costs added to the seven jobs during the month is as follows: Job 70Job 71Job 72Job 73Job 74Job 75Job 76Direct materials$800$1,235$3,600$5,000$300$560$80Direct labor1,0001,4002,2001,800600900170 Before the end of August, Jobs 70, 72, 73, and 75 were completed. On August 31, Jobs 72 and 75 were sold. Required: 1.Calculate the predetermined overhead rate based on direct labor cost. % of direct labor cost. 2.Calculate the ending balance for each job as of August 31. Ending BalanceJob 70$Job 71$Job 72$Job 73$Job 74$Job 75$Job 76$ 3.Calculate the ending balance of Work in Process as of August 31. $ 4.Calculate the cost of goods sold for August. $ 5.Assuming that Cairle prices its jobs at cost plus 10 percent, calculate Cairles sales revenue for August. $