Use the Following Information for the Questions

question 70

Essay

Use the following information for the questions:
Davit Boat Building has three jobs in process in November of the current year, A1-13, R18-4, and B2-19. All three were begun on November 1. Job A1-13 was completed on November 21 with total labor costs of $8,750 and total material costs of $7,725 (details of the individual direct material and direct labor costs charged to job A1-13 are given on the Job Order Cost Sheet provided). No other jobs were completed in November. The total balance in Job R18-4 is $3,275 ($675 in materials and $2,600 in labor) and in Job B2-19 is $6,782 ($1,240 in materials and $5,542 in labor) before overhead is applied. Overhead is applied based on total direct labor dollars. Estimated total direct labor dollars for the year is $245,000 and total estimated manufacturing overhead is $367,500.
-Based on the information given:
1. Determine the overhead rate for Davit Boat Building;
2. Prepare the journal entry to apply manufacturing overhead to manufacturing process for the month of November;
3. Determine the balance in the Work in Process account.

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