Requirement One Using the information provided above, prepare Special Day Souvenirs' job cost record for the custom Cornhole boards created for the Lawton wedding. For your convenience, you may omit labor-time record #s from the document. Job Cost Record Job Number: Start Date: LAW-001 Customer 11/9/XX End Date: Lawton 11/12/XX Direct Materials Date Received Requisition # Part # Quanity Used Unit Cost Total Costs Panel board 3. 21 8 14.00 $ 112.00 Feet of photo wrap 6 87 16 6.00 96.00 gallons 11 33 4 23.00 92.00 Total 20 141 28 43 S 300.00 4. 5 Total 6 Total Direct Labor Labor-Time Time Period Record # Employee # Hours Worked Hourly Rate Total Costs Mr kavich Mr Humphri 34 4 5.00 $ 20.00 39 8 5.00 40.00 73 12 10.00 $ 60.00 Manufacturing Overhead Quantity of Date Cost Pool Category Allocation Allocation Base Base Used Allocation Rate Total Costs 7 8 Total Manufacturing Cost of Job 39 Requirement 2 Record the November 12th journal entry to transfer the cost of job LAW-001 from work-in-process inventory to finished goods inventory upon the job's completion. Assume that Special Day does not use subsidiary 40 accounts for each of its jobs. 41 42 43 44 Requirement 3 Assume that Special Day Souvenirs sold this set of customed cornhole boards for $850 and determine the 45 company's gross profit on this sale. 46 Cross Profit 47 Question Onc Special Day Souvenirs creates customized customized cornhole sets which are popular gifts for special evento. During the month of November 20XX, Special Day Souvenirs undertook one job (job LAW-001) where the company created four customized cornhole boards for the wedding of Mr. & Mrs. James Lawton. Necessary information to prepare the company's job cost record for job LAW-001 is listed The job began on November 9th, 20XX and was completed on November 12th, 20XX. "During construction of job LAW-001, the following materials were requisitioned: "On November 9th, 8 panel boards (part #21) were requisitioned (req #3) at a unit cost of $14 per boar On November 10th, 16 feet of photo wrap (part #87) was requisitioned (req #6) at a unit cost of $6 p "On November 12th, 4 gallons of cealant (part #33) was requisitioned (req #11) st a unit cost of $23 pe Two employees worked on job LAW-001, Karl Kovich (Employee #34) and Marla Humphries (Employee # "Mr. Kavich worked 4 hours on the job at an hourly rate of $17.00 per hour. "Ms. Humphries worked 8 hours on the job at an hourly rate of $16.50 per hour. "Special Day Souvenirs uses only one pool to allocate indirect costs to jobs, Manufacturing Overhead. "Indirect costs will be allocated to jobs using direct labor hours as the cost driver. "Special Day's predetermined overhead allocation rate is $5.00 per direct labor hour. Requirement One Using the information provided above, prepare Special Day Souvenirs' job cost record for the m cornhole boards created for the Lowton wedding. For your convenience, you may omit labor-timefecord #c from the document. Job Cost Record 7 Job Number: $ Start Date: + 0 t LAW-001 Customer 11/3/XX End Date: Lowton 11/12/XX Direct Materials Date Received Requisition Part # Quanity Used Unit Cost Total Costs 2 Panel board Feet of photo wrap 3 21 8 14.00 $112.00 6 87 16 6.00 11 33 4 23.00 96.00 $2.00 20 141 28 43 $ 300.00 24 gallons 25 Total 20 27 Direct Labor Labor-Time 28 Time Period Record # Employee # Hours Worked Hourly Rate 29 30 Mr kavich Mr Humphri 34 4 5.00 Total Costs $20,00 39 8 5.00 40.00 31 Total 73 12 10.00 1 60.00 2 30 Manufacturing Overhead 34 35 Date Cost Pool Category Quantity of Allocation Allocation Base Used Allocation Rate Total Costs 36 Total 37 38 Total Manufacturing Cost of Job 39 Requirement 2 Record the November 12th journal entry to transfer the cost of job LAW-001 from work-in-process inventory to finished goods inventory upon the job's completion. Assume that Special Day does not use 40 subsidiary accounts for each of its jobs. 41 42 40 44 Reqsirencat 3 Assume that Special Day Souvenirs sold this set of customed cornhole boards for SS and determine the company's gross profit on this role 45 (4 Gross Profit 47