Question 01: Points 10 Briefly explain the flow of cost under job order costing system. Question 02: Points 60 The following data from the just completed year are taken from the accounting records of Mason Company: Sales 535700 Direct labor cost 85000 Raw material purchases 118000 Selling expenses 140000 Administrative expenses 63000 Manufacturing overhead applied to work in process 90000 Actual manufacturing overhead costs 100000 Indirect material included to manufacturing OH 5000 Inventories Raw materials Work in process Finished goods Beginning 16500 11000 25000 Ending 15000 5000 35000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement. Qustion 03: Point 30 Wania Fabrics computes its predetermined overhead rate annually on the basis of direct laborhours At the beginning of the year, it estimated that 22,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $94,000 of fixed manufa overhead expenses for the coming period and variable manufacturing overhead of $2.25 per direct labor-hour. Harris's actual manufacturing overhead for the year was $123,900 and its actual total direct labor was 23,200 hours. Required: Compute the company's predetermined overhead rate for the year. Calculate overapplied/ overapplied overhead for the period