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Requirement 3:(a)Compute the amount of underapplied or overapplied overhead for the year and enter below. (Input the amount as positive value. Omit the "$" sign in your response.)(b)Prepare a journal entry to close out the balance in this account to Cost of Goods Sold. (Omit the "$" sign in your response.)3.A company assigns overhead cost to completed jobs on the basis of 120% of direct labor cost. The job cost sheet for Job 313 shows that $21,480 in direct materials has been used on the job and that $10,600 in direct labor cost has been incurred. A total of 1,600 units were produced in Job 313.Required:What is the unit product cost for Job 313? (Omit the "$" sign in your response.)
4.Leeds Architectural Consultants began operations on January 2. The following activity was recorded in the company's Work in Process account for the first month of operations:Work in ProcessCosts of subcontracted work90,000 To completed projects545,500 Direct staff costs199,000 Studio overhead298,500 Leeds Architectural Consultants is a service firm, so the names of the accounts it uses are different from the names used in manufacturing companies. Costs of Subcontracted Work is comparable to Direct Materials; Direct Staff Costs is the same as Direct Labor; Studio Overhead is the same as Manufacturing Overhead; and Completed Projects is the same as Finished Goods. Apart from the difference in terms, the accounting methods used by the company are identical to the methods used by manufacturing companies.Leeds Architectural Consultants uses a job-order costing system and applies studio overhead to Work in Process on the basis of direct staff costs. At the end of January, only one job was still in process. This job (Lexington Gardens Project) had been charged with $13,500 in direct staff costs.Requirement 1:Compute the predetermined overhead rate that was in use during January. (Omit the "%" sign in your response.)