Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS Instructions Amount Descriptions Overhead Rate Job-Order Cost Sheets Instructions At the beginning of June, Rhone Company had two jobs in process, Job 44 and Job 45, with the following accumulated cost information: Job 44 Job 45 Direct materials $5,200 $1,250 Direct labor 1,600 3,500 Applied overhead 1,120 2,450 Balance, June 1 $7,920 $7,200 During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June: During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June: Job 44 Job 45 Job 46 Job 47 Direct materials $2,550 $7,200 $1,950 $1,650 Direct labor 740 6,360 960 480 At the end of June, Jobs 44, 45, and 47 were completed. Only Job 45 was sold. On June 1, the balance in Finished Goods was zero. Required: Required: 1. Calculate the overhead rate based on direct labor cost. Round to three decimal places. 2. Prepare a brief job-order cost sheet for the four jobs. Show the balance as of June 1 as well as direct materials and direct labor added in June. Apply overhead to the four jobs for the month of June, and show the ending balances. 3. Calculate the ending balances of Work in Process and Finished Goods as of June 30. 4. Calculate the Cost of Goods Sold for June. Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Instructions Amount Descriptions Overhead Rate Job-Order Cost Sheets Amount Descriptions Refer to the list below for the exact wording of text items within your job-order cost sheets. Amount Descriptions Applied overhead Beginning balance, June 1 Direct labor Direct materials Total, June 30 ed co ed to Amount Descriptions Re Overhead Rate 1. Calculate the overhead rate based on direct labor cost. Round to three decimal places. The overhead rate based on direct labor cost is % cost inform to the four Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS Instructions Amount Descriptions Overhead Rate Job-Order Cost Sheets Amount Descriptions Job-Order Cost Sheets 3 Beginning balance, June 1 4 Rhone Company Job-Order Cost Sheets For the Month of June Job 44 Job 45 Job 46 Job 47 Concluding Questions 3. Calculate the ending balances of Work in Process and Finished Goods as of June 30. Work in Process: Finished Goods: $ 4. Calculate the Cost of Goods Sold for June. Cost of Goods Sold