Chapter 20 Assignment Instructions: 1. Download the attached document and identify it with your name. 2. Complete the ex

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Chapter 20 Assignment
Instructions:
1. Download the attached document and identify it with your name.
2. Complete the exercise, save and send it as an attachment in the Ch. 20 Assignment.
Watson Manufacturing Company employs a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations:
1). Direct materials requisitioned during the month:
Job 101 $25,000
Job 102 23,000
Job 103 24,000
$72,000
2). Direct labor incurred and charged to jobs during the month was:
Job 101 $33,000
Job 102 36,000
Job 103 27,000
$96,000
3). Manufacturing overhead was applied to jobs worked on using a predetermined overhead rate based on 70% of direct labor costs.
4). Actual manufacturing overhead costs incurred during the month amounted to $76,000.
5). Job 101 consisting of 1,000 units and Job 103 consisting of 200 units were completed during the month.
Instructions:
(b) Answer the following questions:
1. How much manufacturing overhead was applied to Job 103 during the month? ____________.
2. Compute the unit cost of Jobs 101 and 103. ___________.
3. What is the balance in Work In Process Inventory at the end of the month? _________.
4. Determine if manufacturing overhead was under- or overappliedduring the month. How much? _________.
Your answers will be accepted only in Word format as an attachment.