## Answers

1. Predetermined overhead allocation rate = Estimated Construction Overhead / Estimated Total Direct Labor Cost = $ 1,000,000 / $ 2,000,000 * 100 = 50 % of direct labor cost.

2.

Transaction / Event | Accounts | Debit | Credit |

$ | $ | ||

a. | Direct Materials | 490,000 | |

Accounts Payable | 490,000 | ||

b. | Work in Process Inventory | 266,000 | |

Direct Materials | 266,000 | ||

c. | Work in Process Inventory | 192,000 | |

Construction Overhead | 58,000 | ||

Construction Wages Payable | 250,000 | ||

d. | Construction Overhead | 6,500 | |

Accumulated Depreciation: Equipment | 6,500 | ||

e. | Construction Overhead | 39,000 | |

Prepaid Insurance | 9,000 | ||

Cash | 30,000 | ||

f. | Work in Process Inventory | 96,000 | |

Construction Overhead | 96,000 | ||

g. | Finished Goods Inventory | 260,500 | |

Work in Process Inventory | 260,500 | ||

h. | Accounts Receivable | 260,000 | |

Construction Revenue | 260,000 |

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