At the beginning of the year the company estimated

A Corporation uses a job-order costing system and a predetermined overhead rate based on machine hours.

The following information pertains to February of the current year:

	Job No. 30	Job No. 40	Job No. 50	Totals
Work in process, February 1	$ 30,000.00	$ 40,000.00	$ 60,000.00	$ 130,000.00

February production activity:
Materials requisitioned and used	$ 15,000.00	$ 20,000.00	$ 30,000.00	$ 65,000.00
Direct labor costs	$ 5,000.00	$ 10,000.00	$ 15,000.00	$ 30,000.00
Machine hours	$ 1,500.00	$ 2,000.00	$ 1,000.00	$ 4,500.00

At the beginning of the year, the company estimated manufacturing overhead for the year would be $500,000 and machine hours used would be 50,000.

Questions:

Compute the predetermined overhead rate.
Determine the total cost associated with each job: Job No. 30, Job No. 40 and Job No. 50
Give the general journal entry to record when Job 40 was completed.

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