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Bowen Bridge Company constructs bridges for the State of Kentucky. During 2018, Bowen started work...

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Bowen Bridge Company constructs bridges for the State of Kentucky. During 2018, Bowen started work on three bridges. The cost of materials and labor for each bridge follows: Special Orders Bridge 305 Bridge 306 Bridge 307 Materials Labor $431,700 $374,106 384, 300 397,7e0 850,500 978,680 The predetermined overhead rate is $1.10 per direct labor dollar. Actual overhead costs were $2,176,800. Bridge 306 was completed for a contract price of $1,460,600 and was turned over to the state. Construction on Bridge 305 was also completed but the state had not yet finished its inspection process. General selling and administrative expenses amounted to $210,700. Over- or underapplied overhead is closed directly to the Cost of Goods Sold account. The company recognizes revenue when it turns over a completed bridge to a customer. Required a. Determine the cost of construction for Bridge 305, Bridge 306 and Bridge 307. b. Prepare an income statement and the asset section of the balance sheet

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