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Practice Part II (40 Points) Section A: Job Cost Sheet Calculations COB Manufacturing Company designed...

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Practice Part II (40 Points) Section A: Job Cost Sheet Calculations COB Manufacturing Company designed industrial products for automobile companies. Estimated manufacturing overhead for the year 2017 was $800,000 and estimated direct labor hours were 100,000 hours. During October 2017, COB worked on three jobs. Data related to these jobs are: Direct material cost Direct labor cost Job #101 $50,000 18,000 Job #102 $40,000 24,000 Job #103 S30,000 12,000 . The employes re paid S1s per hour and overhead is ssigned based on direct labor hours. During October 2017, Job #101 and Job #103 were completed. Job #102 remains unfinished at the end of October. 1. Calculate the overhead rate based on direct labor hours. 2, What is the total cost of Job #101 and Job #103? 3. What is the balance in the Work-in-Process Inventory? 4. What is the balance in the Finished Goods Inventory

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