Question 6 Elegance Interior Design Ltd uses a job order cost accounting system and applies the overhead on the basis of direct labour hours. At the beginning of the year, Elegance Interior Design Ltd estimated the following: Overhead Direct labour cost Direct labour hours $135,000 $337,500 27,000 hours Three jobs were worked on during the current period. Table A shows the cost information of the jobs. Table A Material Job Time Ticket Requisitions 618 $34,000 $65,000 619 $31,500 $67,500 620 $23,375 $28,375 The workers were paid $12.50 per direct labour hour. At the end of the period, Job 619 and Job 620 have been completed, out of which Job 619 was sold. Due to the last-minute change in customer's specification, Job 618 was still in process. Overhead incurred for the period was $65,020. Required: (a) Complete the job cost sheets for each job using the format shown in Table B Table B Job No. Material Labour Overhead Total cost Status In process or finished or sold (b) Identify the amounts of each of the following accounts at the end of the period. i. Work in Process ii. Finished Goods iii. Cost of Goods Sold (c) Compute the overhead variance and explain how this variance will be treated in the accounts. No journal entries required