1. The calculation of the predetermined overhead rate applied to jobs during August is <u>75% of direct labor costs</u> ($90,000/$120,000).
2. The balance in the Work in Process account at the end of August is $61,000.
3. The amounts of direct material cost and applied overhead recorded for Job 248 as of August 31 are $19,000 and $18,000, respectively.
<h3>Data and Calculations:</h3>
Work In Process Balance, August 1 $ 41,000
Direct materials used 75,000
Direct labor 120,000
Manufacturing overhead applied (based on direct labor cost) 90,000
Total costs incurred = $326,000
<h3>Finished Jobs during August: </h3>
Job # Cost of Jobs Completed
234 $ 58,000
237 65,000
231 74,500
246 67,500
Total costs of finished jobs = $265,000
Work in process balance = $61,000 ($326,000 - $265,000)
<h3>Job in Process: Job 248:</h3>
Direct labor cost incurred = $24,000
Applied overhead = $18,000 ($24,000 x 0.75)
Direct materials = $19,000 ($61,000 - $24,000 - $18,000)
Thus, the work-in-process balance represents Job 248 (Direct labor $24,000, Direct materials $19,000, and Applied Overhead $18,000).
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