Superior construction, Inc. Its a homebuilder in Arizona. He uses the job order costing system in which each house has a job. Because it construction houses, the company uses an account titled construction overhead. The company applies overhead based on Estimated direct labor cost. For the year, estimated construction overhead of $1,150,000 in total direct labor cost of $5,750,000. The following events occurred during August:

Please do requirements 1-6

More Info i Requirements Purchased materials on account, $400,000 Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. a. b. 1. Calculate Superior'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 Direct Materials Direct Labor House 402 House 403 House 404 House 405 The company incurred total wages of $300,000. Use the data from Item b to assign the wages. Wages are not yet paid $ 58,000 $ 44,000 32,000 58,000 57,000 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. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account 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. Compute gross profit on the house that was sold. What costs must gross profit cover for Superior Construction? 61,000 4. 5. 6. 86,000 c. d. Depreciation of construction equipment, $6,700 e. Other overhead costs incurred: Equipment rentals paid in cash, 30,000; Worker liability insurance expired, $7,000. Allocated overhead to jobs. f. Print Done g.Houses completed: 402, 404 h. House sold on account: 404 for $250,000 PrintDone