10 11 12 12 14 13 TH 17 18 10 20 21 22 23 24 27 28 29 30 31 32 33 54 33 3 SOSER ESSESESSORSE & A A AT 438 60 32 M Sampson Company uses a job order cost system with overhead applied based on direct labor hours. See estimated amounts below. Note the beginning balances for Finished Goods (Job 101) and Work-in-Process (Jobs 102 & 103) for the costs accumulated to date. Also note, the beginning balances in the other balance sheet accounts. Estimated Overhead for 2018 Estimated Direct Labor Hours for 2014 24,000 During January the comapny had the following transactions (a) (4) (d) 9 (0) (9) (n) 720,000 Purchased raw materials on accout in the amount of Issued the following materials into production: Amount Direct materials Indirect materials Total Direct labor Recorded salaries and wages as follows: Indirect labor Salaries Total Job Number Job 102 Job 100 Rent Depreciation Insurance Utaties 7,000 Job 102 Job 103 2.000 Used on both 9.000 Amount Advertising Depreciation Other expenses 10.000 Job 102 Job 103 For factory 4,000 supervision 19,000 Applied overhead to jobs based on the number of direct labor hours required Direct labor hours 300 200 Explanation 5.000 staff Total Recorded the following actual manufacturing costs Amount Explanation 500 For administrative Explanation 6.000 Paid factory rent in cash 5.000 Factory equipment 16,000 Amount 6,000 Had one month of factory insurance 3.000 policy expire Received factory uity bill but did not 2.000 pay Total Recorded the following general and administrative costs Explanation 2.000 Advertising paid in cash 3,000 Office equipment Miscellaneous expense incurred but not 1,000 paid 10.000 Total Sold Job 101, which is recorded in Finished Goods Sales Price Cost 2,000 5.000 55,000 30,000 Completed Job 102 but did not sell : Job 103 is still in process at year 6.000 4,000 67 68 Compute the predetermined overhead 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 Predetermined overhead rate Compute how much overhead would be applied to jobs during the period: Overhead applied Compute the total cost of Jobs 102 and 103 at the end of the period. You will enter your calculation in the 'Ledger Accounts' tab of this workbook. Where will the cost of each of these jobs appear on the Balance sheet? Post the journal entries to the 'T' Accounts in the 'Ledger Accounts' tab. Calculate the ending balances in all of the accounts. Calculate the amount of over- or underapplied overhead in the 'Ledger Accounts' Post the journal entry in the T accounts to dispose of the overhead balance in the 'Ledger Accounts' tab. Prepare a statement of cost of goods manufactured report in the 'Reports' Prepare an income statement in the 'Reports' Prepare a basic balance sheet in the 'Reports' 10 11 12 12 14 13 TH 17 18 10 20 21 22 23 24 27 28 29 30 31 32 33 54 33 3 SOSER ESSESESSORSE & A A AT 438 60 32 M Sampson Company uses a job order cost system with overhead applied based on direct labor hours. See estimated amounts below. Note the beginning balances for Finished Goods (Job 101) and Work-in-Process (Jobs 102 & 103) for the costs accumulated to date. Also note, the beginning balances in the other balance sheet accounts. Estimated Overhead for 2018 Estimated Direct Labor Hours for 2014 24,000 During January the comapny had the following transactions (a) (4) (d) 9 (0) (9) (n) 720,000 Purchased raw materials on accout in the amount of Issued the following materials into production: Amount Direct materials Indirect materials Total Direct labor Recorded salaries and wages as follows: Indirect labor Salaries Total Job Number Job 102 Job 100 Rent Depreciation Insurance Utaties 7,000 Job 102 Job 103 2.000 Used on both 9.000 Amount Advertising Depreciation Other expenses 10.000 Job 102 Job 103 For factory 4,000 supervision 19,000 Applied overhead to jobs based on the number of direct labor hours required Direct labor hours 300 200 Explanation 5.000 staff Total Recorded the following actual manufacturing costs Amount Explanation 500 For administrative Explanation 6.000 Paid factory rent in cash 5.000 Factory equipment 16,000 Amount 6,000 Had one month of factory insurance 3.000 policy expire Received factory uity bill but did not 2.000 pay Total Recorded the following general and administrative costs Explanation 2.000 Advertising paid in cash 3,000 Office equipment Miscellaneous expense incurred but not 1,000 paid 10.000 Total Sold Job 101, which is recorded in Finished Goods Sales Price Cost 2,000 5.000 55,000 30,000 Completed Job 102 but did not sell : Job 103 is still in process at year 6.000 4,000 67 68 Compute the predetermined overhead 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 Predetermined overhead rate Compute how much overhead would be applied to jobs during the period: Overhead applied Compute the total cost of Jobs 102 and 103 at the end of the period. You will enter your calculation in the 'Ledger Accounts' tab of this workbook. Where will the cost of each of these jobs appear on the Balance sheet? Post the journal entries to the 'T' Accounts in the 'Ledger Accounts' tab. Calculate the ending balances in all of the accounts. Calculate the amount of over- or underapplied overhead in the 'Ledger Accounts' Post the journal entry in the T accounts to dispose of the overhead balance in the 'Ledger Accounts' tab. Prepare a statement of cost of goods manufactured report in the 'Reports' Prepare an income statement in the 'Reports' Prepare a basic balance sheet in the 'Reports