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Watson Manufacturing Company employs a job order cost accounting system and keeps perpetde inventory records....

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Accounting

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Watson Manufacturing Company employs a job order cost accounting system and keeps perpetde inventory records. The following transactions occurred in the first month of operations: Direct materials and labor the month: 1. Direct Materials Requisitioned Direct Labor Job Incurred 101 20,000 32,000 102 16,000 28,000 103 24,000 60,000 20,000 $ 80,000 2. Manufacturing overhead was applied to jobs worked on using a predetermined overhead rate based on 75% of direct labor costs. 3. Actual manufacturing overhead costs incurred during the month amounted to $66,000. 5. Job 101 and Job 103 consisting were completed during the month. Instructions: Answer the following questions. Show supporting computations to receive credit. 1. Compute the total cost of Jobs 101 and 103. Compute the amount overhead applied to job 102. 2. 3 What is the balance in Work In Process Inventory at the end of the month

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