Requirements a. Purchased materials on account, $500,000 b. Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. 1. Calculate Divine's predetermined overhead allocation rate for the year. 2. Prepare joumal entries to record the events in the general joumal. 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the approprlate entrles to these accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balanices were zero. 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account. c. The company incurred total wages of $260,000. Use the data from Item b to assign the wages. Wages are not yet paid. 5. Add the costs of the completed house that has not yet been sold, and show d. Depreciation of construction equipment, 56,000 that this equals the ending balance in Finished Goods Inventory. f. Allocated overhead to jobs. 6. Compute gross profit on the house that was sold. What costs must gross profit g. Houses completed: 402,404 cover for Divine Construction? Requirements a. Purchased materials on account, $500,000 b. Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. 1. Calculate Divine's predetermined overhead allocation rate for the year. 2. Prepare joumal entries to record the events in the general joumal. 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the approprlate entrles to these accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balanices were zero. 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account. c. The company incurred total wages of $260,000. Use the data from Item b to assign the wages. Wages are not yet paid. 5. Add the costs of the completed house that has not yet been sold, and show d. Depreciation of construction equipment, 56,000 that this equals the ending balance in Finished Goods Inventory. f. Allocated overhead to jobs. 6. Compute gross profit on the house that was sold. What costs must gross profit g. Houses completed: 402,404 cover for Divine Construction