Sheldon Company employs a job order costing system. Only three jobs-Job #205, Job #206, and Job #207-were worked on during January and February. Job #205 was completed in February 10; the other two jobs were still in production on February 28, the end of the company's operating year. Job cost sheets on the three jobs follow: Job Cost Sheet Job #205 Job #206 Job #207 January costs incurred: Direct material Direct labor Manufacturing overhead P16,000 13,000 20,800 P 9,300 7,000 11,200 PO 0 0 February costs incurred: Direct materials Direct labor Manufacturing overhead 0 4,000 ? 8,200 5,000 ? 21,300 10,000 ? The following additional information is available: a. Manufacturing overhead is assigned to jobs on the basis of direct labor cost. b. Balances in the inventory accounts at January 31 were as follows: Raw Material ork Process Finished Goods P40,000 ? 85,000 c. Indirect materials used during February totaled P4,000 d. Indirect labor cost totaled P8,000 for February e. Incurred P19,000 in various actual manufacturing overhead costs for February 1. What predetermined overhead rate does the company use to assign overhead costs to job? 2. How much is the cost of Job#206? 3. What is the balance of Finished Goods inventory at the end of February? 4. What is the balance of the Work in Process at the end of February