1.&nbspComputations using a job ordersystem GeneralCorporation

1. Computations using a job ordersystem GeneralCorporation employs a job order cost system. On May 1 the following balanceswere extracted from the general ledger;Workin process   $ 35,200 Finishedgoods   86,900 Costof goods sold   128,700 Workin Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800).During May, direct materials requisitioned from the storeroom amounted to$96,500, and direct labor incurred totaled $114,500. These figures aresubdivided as follows:Direct MaterialsDirect LaborJobNo.AmountJobNo.Amount101$5,000101$7,80011519,50010320,80011636,20011542,000Other35,80011618,000$96,500 Other25,900$114,500 Jobno. 115 was the only job in process at the end of the month. Job no. 101 andthree ‘other’ jobs were sold during May at a profit of 20% of cost.The ‘other’ jobs contained material and labor charges of $21,000 and$17,400, respectively. Generalapplies overhead daily at the rate of 150% of direct labor cost as laborsummaries are posted to job orders. The firm’s fiscal year ends on May 31.Instructions:a. Compute the totaloverhead applied to production during May. b. Compute the cost of theending work in process inventory. c. Compute the cost ofjobs completed during May. d. Compute the cost ofgoods sold for the year ended May 31.