Watson Manufacturing Company employs a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations. 1. Direct materials requisitioned during the month and Direct labor Incurred and charge to jobs during the month Direct Materials Direct labor Manufacturing Overhead Total job Cost Job 101 $20,000 $30,000 Job 102 16,000 29,000 Job 103 24,000 20,000 60,000 $79,000 2. Direct Materials purchases were $72,000 3. Manufacturing overhead was applied to jobs worked on using a predetermined overhead rate based on 110% of direct labor costs. 4. Actual manufacturing overhead costs incurred during the month amounted to $84,000. 5. Job 101 consisting of 1,000 units and Job 103 consisting of 200 units were completed during the month. Job 101 was sold. INSTRUCTIONS Answer the following questions: 101 102 103 1. Compute the costs to date for each Job. $ $ $ 2 What is the balance in Work In Process Inventory at the end of the month? $ 3 What is the Cost of goods manufactured $ 4 What is the cost of goods sold for the month $ 5 What is the balance in finished goods $ 6 Determine if manufacturing overhead was under- or over applied during the month. How much? Over Or Under? $ 7 Compute the revised Cost of Goods sold assuming any over or under application(allocation) of Overhead is closed to Cost of Goods sold $