Question 1 15 pts Please keep track of your work. A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from the job cost sheets from their first and only jobs so far: Hours Total Cost Hours Total Cost $ 405 Job 1 Direct materials Direct labor Manufacturing overhead Total cost 231 $ 375 5,313 4,620 Job 2 Direct materials Direct labor Manufacturing overhead Direct materials 85 1,955 1,700 $4,060 $10,308 Using the information provided, 1. What is the balance in work in process? 2. What is the balance in finished goods inventory? 3. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate? HTML Editora B 1 U A I Iml x X vx T: 12pt Paragraph Question 1 15 pts Please keep track of your work. A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from the job cost sheets from their first and only jobs so far: Using the information provided, 1. What is the balance in work in process? 2. What is the balance in finished goods inventory? 3. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate? HTML Editor B I U A IX E Ex? HE x TT 12pt Paragraph