Problem 2 - 10 points Dina Corp. uses a job order cost accounting system. Four obs were started during the current year. The following is a record of the costs incurred: Material Direct Labor Direct Labor Job # Used Used H ours Used 1010 $45.000 $72,000 8.000 1011 59,000 77.000 7,000 1012 35,000 30,000 3,000 1013 26,000 40.000 5,000 Actual overhead costs were $55,800. The predetermined overhead allocation 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 Dina's first year of operations: (a) Calculate the balance in the Goods in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts. (b) Does the Factory Overhead account balance indicate an over- or under application of overhead? Prepare the entry to close this out assuming the amount is not material