ry uses a job order casting system in which each house is a it estimated constru More Info b Because it contact houses the company uses an account titled ng events occurred during Aug allocation rate for Purchased materials on account, $420,000 Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. Direct Materials Direct Labor House 402 $ 55,000 $ 46,000 House 403 66,000 32,000 House 404 64,000 55,000 House 405 88,000 54,000 C. The company incurred total wages of $220,000. Use the data from Item b to assign the wages. Wages are not yet paid. d. Depreciation of construction equipment, $6,300 e. Other overhead costs incurred: Equipment rentals paid in cash, $35,000; Worker liability insurance expired, $3,000. f. Allocated overhead to jobs. g. Houses completed: 402, 404 h. House sold on account: 404 for $240,000 Print Done Done] lds and then click Clear All i Requirements overhead allocation rat 1. Calculate Memory's predetermined overhead allocation rate for the year. 2. Prepare journal entries to record the events in the general journal. 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the appropriate entries to these accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances 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. 5. Add the costs of the completed house that has not yet been sold, and show that this equals the ending balance in Finished Goods Inventory 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Memory Construction? Print Done e input fields and then click Check Answer. Clear All 1-3UA (Similar to) Question Help Memory Construction, Inc. is a home builder in Arizona Memory uses a job order cooling system in which each house is a job. Because it constructs houses, the company as an accounted Construction Overhead. The company applies overhead based on estimated direct labor costs. For the you, it estimated construction Overhead of $1,000,000 and total direct labor cost of $2.000.000. The following events occurred during August D ick the icon to view the events.) Read them Requirement 1. Calculate Memory's predetermined overhead location rate for the year. Predetermined overhead Choose from any list orberary number in the rout folds and then click Cock Answer Check Answer Clear All 14 HA 9 Requirement 1. Calculate Memory's predetermined overhead allocation rate Actual direct labor cost Actual overhead cost Estimated direct labor cost Estimated overhead cost Choose from any list or enter any number in the input fields and then click