Question 2 (50 points) Calculate Job Costs using the following information: Jones Corporation uses a job order costing system. Five jobs were worked on during the current year. The predetermined overhead rate is 20% of direct labor costs. Actual overhead costs included the following: factory utilities, $14,000; factory insurance, $8,500, factory rent, $22,000, and factory maintenance, $10,600. The following cost information is available (all materials and time ticket information applies to direct costs): Materials Job Requisitions Time Tickets 101 $66,000 $32,000 102 $63,000 $74,000 103 $39,000 $50,000 104 $32,000 $36,000 105 $53,000 $68,000 Part 1-Complete the job cost sheets for each job. Job No. 101 Job No. 102 Materials Materials Labor Labor Job No. 103 Materials: Labor Overhead Overhead Overhead Total Cost Total Cost Total Cost Status In Process Status Sold Status Finished Job No. 104 Materials Job No. 105 Materials Materials Labor Labor Overhead Overhead Total Cost Total Cost Materials Materials Labor Overhead Total Cost Status In Process Status Sold Status Job No. 104 Job No. 105 Materials Materials Labor Labor Overhead Overhead Total Cost Status Total Cost Sold Status Finished Finished Part 2-Identify the amounts of each of the following accounts at the end of the period a. Work in Process b. Finished Goods c. Cost of Goods Sold, d. Is factory overhead over or under applied, if so, by how much e. Work in Process beginning inventory.