QUESTION Three Custom Vans Inc. began 2016 with three jobs in process: Type of Cost Direct Labour S 45,700 104 Total Job No. 647 651 653 Totals Overhead $17,366 39,862 Materials 88,300 72,700 $199,600 $101,666 233,062 189,724 84,800 During 2016, the following transactions occurred 1. The firm purchased and paid for $266,000 of raw materials. The raw materials account contains both direct and indirect materials. 2. Factory payroll records revealed the following: Indirect labor accrued was $27,000 Direct labor accrued was $301,400 and was associated with the jobs as follows: Direct Job No. 647 651 653 654 655 656 657 Labor Cost 8,700 4,400 10,500 72,500 47,300 89,700 Materials requisition forms issued during the year revealed the following: Indirect materials issued totaled $38,000 3. Direct materials issued totaled S234,200 and were associated with jobs as follows: Direct Job No. 647 651 653 654 655 656 657 4. Overhead is applied to jobs on the basis of direct labor cost. Management estimated total budgeted Materials Cost S 7,200 3,100 8,400 51,600 59,900 36,400 67,600 overhead of $120,000 and total direct labor cost of $300,000 for 2016. Actual total factory overhead costs (including indirect labor and indirect materials) for the year was $122,200. 5, Jobs #647 through 655 were completed and delivered to customers COD The revenue on these jobs JS)