Required information [The following information applies to the questions displayed below.] Opticom, Inc. a manufacturer of fiber optic communications equipment, uses a job-order costing system. Since the production process is heavily automated, manufacturing overhead is applied on the basis of machine hours using a predetermined overhead rate. The current annual rate of $15 per machine hour is based on budgeted manufacturing overhead costs of $1,200,000 and a budgeted activity level of 80,000 machine hours (the company's estimated practical capacity). Operations for the year have been completed, and all of the accounting entries have been made for the year except the application of manufacturing overhead to the jobs worked on during December, the transfer of costs from Work in Process to Finished Goods for the jobs completed in December, and the transfer of costs from Finished Goods to Cost of Goods Sold for the jobs that have been sold during December. Summarized data as of November 30 and for the month of December are presented in the following table. Jobs T11-007, N11-013, and N11-015 were completed during December. All completed jobs except Job N11-013 had been turned over to customers by the close of business on December 31 Part 1 of 5 03:17:17 Work-in-Process December Activity Balance NovemberDirect Material Direct Machine Labor Hours Job 30 T11-007 $87,000 $1,500 $4,500300 N11-01355,100 N11-015 D12 4,000 12,000 1000 0- 25,600 26,700 1,400 0- 37,900 20,000 2,500 0- 26,000 6,800 800 002 D12 003 142,100 Total $ $95,000 $80,000 6,000