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overhead based on estimated direct labor costs. For the year, it estimated construction authead of $1,100,000 and total direct labor cost of 55 500 000. The following events an account titled Construction Overhead. The company applies Steinbom Construction, Inc. is a home builder in Arizona. Steinbom uses a job order costing system which each house is a job. Because it , the company occurred during August: (Click the icon to view the events.) Read the requirements Requirement 1. Calculate Steinborri's predetermined overhead allocation rate for the year. Predetermined overhead allocation rate 1% Requirement 2. Prepare journal entries to record the events in the general journal. (Record debits first, then credits. Exdude explanations from any journal entries.) a. Purchased materials on account, $480,000. Date Accounts Debit Credit b. Requisitioned direct materials and used direct labor in construction. Record the materials requisitioned. Date Accounts Debit Credit b. Choose from any list or enter any number in the input fields and then continue to the next question ? Steinborn Construction, Inc. is a home builder in Arizona. Steinborn 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 labor costs. For the year, it estimated construction overhead of $1,100,000 and total direct labor cost of $5,500,000. The following events occurred during August (Click the icon to view the events.) Read the requirements b. Requisitioned direct materials and used direct labor in construction. Record the materials requisitioned. Date Accounts Debit Credit b. C. The company incurred total wages of $200,000. Use the data from Iterri b to assign the wages. (Assure the wages have not been paid.) Date Accounts Debit Credit d. Depreciation of construction equipment, S6,900 Date Accounts Debit Credit d. Choose from any list or enter any number in the input fields and then continue to the next question. ? 0 Steinbom Construction, Inc. is a home builder in Arizona. Steinbom 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 labor costs. For the year, it estimated construction overhead of $1,100,000 and total direct labor cost of $5,500,000. The following events occurred during August i (Click the icon to view the events.) Read the requirements d. Depreciation of construction equipment, $6,900 Date Accounts Debit Credit d. c. Other overhead costs incurred: Equipment rentals paid in cash, $38,000; Worker liability insurance expired, $5,000. (Prepare a single journal entry for this event.) Date Accounts Debit Credit e. f. Allocated overhead to jobs Date Accounts Debit Credit t. Choose from any list or enter any number the input fields and then continue to the next question ? Steinbom Construction, Inc. is a home builder in Arizona. Steinborn uses a job order coating 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 estirnated direct labor costs. For the year, it estimated construction overhead of $1,100,000 and total direct labor cost of $5,500,000. The following events occurred during August (Click the icon to view the events.) Read the requirements. f. Allocated overhead to jobs. Date Accounts Debit Credit f. g. Houses completed: 402, 404 Date Accounts Debit Credit g. h. House sold on account: 404 for $260,000 Begin by recording the revenue from the sale on account. Do not record the expense related to the sale in this joumal entry. We will do that in the next step. Date Accounts Debit Credit h. Choose from any list or enter any number in the input fields and then continue to the next question. ? 0 Steinborn Construction, Inc. is a home builder in Arizona. Steinborn 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 labor costs. For the year, it estimated construction overhead of S1,100,000 and total direct labor cost of $5,500,000. The following events occurred during August: (Click the icon to view the events.) Read the requirements h. House sold on account: 404 for $260,000 Begin by recording the reverive 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 h. Now record the cost of goods sold from the sale of house 404. Date Accounts Debit Credit h. 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 were zero. Click to view the journal entries you prepared above. war.in. Der Innen Cinished and Inventoru Choose from any list or enter any number in the input fields and then continue to the next question. ? Steinborn Construction, Inc. is a home builder in Arizona. Steinborn uses a job order coating 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 labor costs. For the year, it estimated construction overhead of S1,100,000 and total direct labor cost of $5,500,000. The following events occurred during August: (Click the icon to view the events.) Read the requirements. or you. Post the appropriate entries to these accounts, identifying each entry by letter. Determine the ending account balances, Requirement 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened assuming that the beginning balances were zero. Click to view the journal entries you prepared above. Work-in-Process Inventory Finished Goods Inventory Requirement 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. Steinborn Construction, Inc. Reconciliation of Work in Process Inventory Subsidiary and Control Accounts Total WIP Balance Unfinished houses: Direct Materials Direct Labor Construction Overhead Choose from any list or enter any number in the input fields and then continue to the next question. ? 0 Steinbom Construction, Inc. is a home builder in Arizona. Steinborn 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 estirrated direct labor costs. For the year, it estirriated construction overtread of $1,100,000 and total direct labor cost of $5,500,000. The following events occurred during August (Click the Icon to view the events.) Read the requirements. TULAH Yr Dalane Unfinished houses: Direct Materials Direct Labor Construction Overhead Total cost equals Ending WIP Inventory Requirement 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. Steinbom Construction, Inc. Reconciliation of Finished Goods Inventory Subsidiary and Control Accounts Completed, unsold house: Direct Materials Direct Labor Construction Overhead Total cost equals Ending Finished Goods Inventory Requirement 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Steinborn Construction? Choose from any list or enter any number in the input fields and then continue to the next question. ? Steinborn Construction, Inc. is a home builder in Arizona. Steinborn 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 labor costs. For the year, it estimated construction overhead of $1,100,000 and total direct labor cost of $5,500,000. The following events occurred during August: i (Click the icon to view the events.) Read the requirements. TUISI Dust equals Enuing Fineu GOUDS Triventory Requirement 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Steinbom Construction? Steinbom Construction, Inc. Gross profit Homes Sold In August Gross profit What costs must gross profit cover for Steinborn Construction? The gross profit must cover these types of costs: Choose from any list or enter any number in the input fields and then continue to the next