The Business 182, Section EG class for the Spring, 2021, has completely outperformed expectations. As such, we have been hired by Trek Bike Company to build a new hybrid bike. We will build the bike in a warehouse and sell it in a storefront. Because Trek's Bikes are so expensive and so unique, we will deploy a Job Costing system. Journalize the following transactions or make the necessary calculations: 6: (2 Points): Calculation. Building a bicycle is labor intensive. And as such, we think the best way to allocate overhead is on Direct Labor Hours. At the beginning of the year, we estimate the following annual items: Warehouse Rent Storefront Rent Manufacturing Supervisor Salary Storefront Supervisor Salary Indirect Materials Total Machine Hours Total Labor Hours $8,000 $7,000 $40,000 $50,000 $10,000 29,000 Hours 10,000 Hour Calculate the Budgeted Overhead Rate for the year (This is very similar to the Chapter 16 Exercise in Cengage you worked through): 7: (2 Points). January 10th We start building our first bike. We will call it Job Number 100. We call the storeroom and requisition $500 of raw materials to be directly used on the Job. We also need an additional $200 in raw materials that will be used for indirect materials. Record the journal entry for the transaction: 8; (2 Points): January 15th We start assembling the bike - Job Number 100. We use 40 direct labor hours at a loaded rate of $25 /hour. Record the journal entry for the transaction: 9: (2 Points): January 20th We apply the Overhead to Job 100 using the rate we calculated at the beginning of the year (in question 6 above). Record the journal entry for the transaction: 10: (2 Points). Draft a Job Cost Sheet for the Bike - Job 100. It might help you to refer to your class notes from Chapter 16. 11: (2 Points): January 29th We finish the bike for Job 100. Then, a customer walks by the shop and wants to purchase it. They buy the bike for $2,000 cash on the spot. Make the Journal Entry for the completion of the bike AND the sale. 11: (2 Points): January 29th We finish the bike for Job 100. Then, a customer walks by the shop and wants to purchase it. They buy the bike for $2,000 cash on the spot. Make the Journal Entry for the completion of the bike AND the sale. Completion of the Bike: Sale of the Bike