Problem 1 Grayson Company is a manufacturer that uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Requisitioned materials for production are as follows: 200 pounds for Job 101 at $12 per pound 300 pounds for Job 102 at $14 per pound Accumulated direct labor costs as follows: 700 hours of direct labor on Job 101 at $16 per hour 600 hours of direct labor on Job 102 at $12 per hour Grayson Company estimates that total factory overhead costs will be $100,000 for the year. Direct labour hours are estimated to be 25,000 which is used as the overhad allocation base. The company had two completed jobs at the end of January: Jobs 101 and 102. Data on the accumulated direct labor hours and units produced for these jobs are as follows: Direct labor hours Units produced Job 101 Job 102 700 500 600 1000 Required: iA. B Using the information provided, determine i) The pre-determined factory overhead rate: ii) The amount of factory overhead applied to: Job 101: Job 102: Prepare the Job Cost Sheets for Job 101 and 102. Calculate the unit costs for Job 101 and 102. Cost components Job 101 Job 102 $