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The total Estimated Overhead costs for the year were $1,495,000 and estimated labor hours were 115,000 hours. At the beginning of February, there were 3 incomplete jobs, and the following manufacturing costs were added in the month of February. Manufacturing Overhead is applied based on Labor Hours. Jobs Job #230 Job #231 Job #232 Feb-Beginning Balance $320,000 $245,000 $115,000 Feb - Direct Material $30,000 $23,500 $32,600 Feb - Direct Labor $24,000 $20,000 $26,000 Feb-Labor Hours 2,300 hrs 1,900 hrs 3,600 hrs At the end of February, Job # 230 was completed and sold to the customer for 30% markup. Answer the following questions using the data above: 1. What is the predetermined Overhead rate for the year? (3 pts) 2. What is the Beginning WIP balance for the month of February? (2 pts) 3. Record the entry to assign February manufacturing costs to WIP. (5 pts) 4. What is the total cost of Job # 230 at completion? (3 pts) 5. Record the entry for completion of Job # 230. (4 pts) 6. Record the entry for sale of Job # 230. (4 pts) 7. What is the Ending WIP balance at the end of February? (4 pts) Instructions: Show all calculations for each item and entries when necessary, by numbering your answers. You can show your work handwritten on paper or on Excel.

The total Estimated Overhead costs for the year were $1,495,000 and estimated labor hours were 115,000 hours. At the beginning of February, there were 3 incomplete jobs, and the following manufacturing costs were added in the month of February. Manufacturing Overhead is applied based on Labor Hours. At the end of February, Job #230 was completed and sold to the customer for 30% markup. Answer the following questions using the data above: 1. What is the predetermined Overhead rate for the year? (3 pts) 2. What is the Beginning WIP balance for the month of February? (2 pts) 3. Record the entry to assign february manufacturing costs to WIP. (5 pts) 4. What is the total cost of Job #230 at completion? ( 3 pts) 5. Record the entry for completion of Job #230. (4 pts) 6. Record the entry for sale of Job #230, (4 pts) 7. What is the Ending WIP balance at the end of February? ( 4pts ) Instructions: Show all calculations for each item and entries when necessary, by numbering your answers. You can show your work handwritten on paper or on Excel

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