The company applies overhead based on estimated direct labor costs. For the year, it estimated construction overhead of $ 1,150, 000 and total direct labor cost of $ 5, 750, 000. The following events occurred during August.

Meadow Construction, Inc. is a home builder in Arizona. Meadow uses a job order costing system in which each house is a job. Because it constructs houses, the company uses an account titled Construction Overhead. The company applies overhead based on estimated direct la (Click the icon to view the events.) Read the requirements. f. Allocated overhead to jobs. Date Accounts Credit More Info - X g. Houses completed: 402.404 Date Accounts Debit Credit h. House sold on account 404 for $250.000 Begin by recording the revenue from the sale on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step. Date Accounts Debit Credit a. Purchased materials on account, S450,000 b. Requisitioned direct materials and used direct labor in construction Recorded the materials requisitioned. Direct Materials Direct Labor House 402 $ 52,000 $ 47,000 House 403 87,000 30,000 House 404 63,000 54.000 House 405 88,000 52.000 C. The company incurred total wages of $240,000. 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, $40,000: Worker liability insurance expired, $5,000. f. Allocated overhead to jobs. g. Houses completed: 402, 404 h. House sold on account: 404 for $250.000 Now record the cost of goods sold from the sale of house 404 Date Accounts Debit Credit Print Done Requirement 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 we Click to view the journal entries you prepared above. Work-in-Process Inventory Finished Goods Inventory Choose from any list or enter any number in the innuit fields and then continue to the next