15 Problem 15.01 ott Company was a job order cost system and applies terhead to production on the basis of direct labor costs. Ces January, 2020, 102 50 was the only on process. The cost incurred prior to leary 1 on this job were as follows direct material 520,000, rector 512.000, and managed 10.000. As Jangary Job 4 had been completed at a costo 500,000 was part of the good tory There was $15.000 bance in the Material inventory count During the month of Mary, Lot Company began production Jobs 51 and 2 and computed 100 mnd 51 secount during the month for $122,000 and $ 158,000, respectively. The following additional events occurred during the months 1 Purchase ona w materials of 500,000 on account 2 Tre factory acts of $70,000 of this amount $10,000 related to employer payrotte Incurred manufacturing overticed costs as follows et materials $17.000 indirect labor $20.000 depiction expense on uiment $12,000, and allows the manuteng word sont $10,000 Accord de materials and direct labor to jobs as follows Direct Materials Director 50 $10.000 55.000 51 29,000 25.000 30.000 20.000 Culate the determined overhead tate fo2020 ming Companies of $10,000, direct labor costs $700,000, andre homof30.000 Predentohen at WOW TO ACCOUN Inaltitecore (1) the much of water to the factory about the action contrat (Credit accounts are tomatically indeed wants to not in any V. 2000 2001 MWANA W Prepare the journal entries to record (1) the purchase of raw materials the factory tabor costs incurred, and (3) the manufacturing overhead cos incurred during the month of lancary (Credit account titles are automatically indented when amount is entered. Do not intent manually. To Account Titles and Explanation bit 123 (3) SHOW USE OF ARTS Prepare the journal entries to record the assignment of (1) direct materials, (2) direct labor and contacturing overhead costs to production. In asing manilacturing overhead cente, use the overhead rate calculated in (a). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Tities and Explanation Debit Credit (3) (23) SHOW LIST OF ACCOUNTS Open Job cod sheets for Jobs 50, 51, and Enter the longary 1 balances on the cost shoot for lob 50. Post all costs to the Job cont choots any Job No. 50 Date Direct Materials Direct Labor Manfacturing Overhead 3 Cost of completed job Direct materiale I Total cost Job No. 51 Date Direct Materials Direct Lab Hanufacturing Overhead lan CALCULATOR PRINTEM VE Direct labor Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ Cost of completed job Direct materials I Direct labor Manufacturing overhead Total cost Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan BALE REET 5 Prepare the journal entry to record the completion of any job(s) during the month (Credit account titles are automatically indented where amount is entered. De not inden y.) Account Titles and Explanation Debit SHOW LIST OF ACCOUNTS Prepare the entries to record the of my obscuring the month (Credit account title are automatically indented when amount is entered indent manually No. Account Titles and Explanation (1) To record sale of 09 (To record of OWLINO MOUNIS (To record cost of jobs) SHOW LIST OF ACCOUNTS What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of Tinished Goods Inventory $ SHOW LIST OF ACCOUNTS What is the amount of over- or underapplied overhead? Manufacturing Overheads Click if you would like to show Work for this question: On Show Work SHOW LIST OF ACCOUNTS 15 Problem 15.01 ott Company was a job order cost system and applies terhead to production on the basis of direct labor costs. Ces January, 2020, 102 50 was the only on process. The cost incurred prior to leary 1 on this job were as follows direct material 520,000, rector 512.000, and managed 10.000. As Jangary Job 4 had been completed at a costo 500,000 was part of the good tory There was $15.000 bance in the Material inventory count During the month of Mary, Lot Company began production Jobs 51 and 2 and computed 100 mnd 51 secount during the month for $122,000 and $ 158,000, respectively. The following additional events occurred during the months 1 Purchase ona w materials of 500,000 on account 2 Tre factory acts of $70,000 of this amount $10,000 related to employer payrotte Incurred manufacturing overticed costs as follows et materials $17.000 indirect labor $20.000 depiction expense on uiment $12,000, and allows the manuteng word sont $10,000 Accord de materials and direct labor to jobs as follows Direct Materials Director 50 $10.000 55.000 51 29,000 25.000 30.000 20.000 Culate the determined overhead tate fo2020 ming Companies of $10,000, direct labor costs $700,000, andre homof30.000 Predentohen at WOW TO ACCOUN Inaltitecore (1) the much of water to the factory about the action contrat (Credit accounts are tomatically indeed wants to not in any V. 2000 2001 MWANA W Prepare the journal entries to record (1) the purchase of raw materials the factory tabor costs incurred, and (3) the manufacturing overhead cos incurred during the month of lancary (Credit account titles are automatically indented when amount is entered. Do not intent manually. To Account Titles and Explanation bit 123 (3) SHOW USE OF ARTS Prepare the journal entries to record the assignment of (1) direct materials, (2) direct labor and contacturing overhead costs to production. In asing manilacturing overhead cente, use the overhead rate calculated in (a). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Tities and Explanation Debit Credit (3) (23) SHOW LIST OF ACCOUNTS Open Job cod sheets for Jobs 50, 51, and Enter the longary 1 balances on the cost shoot for lob 50. Post all costs to the Job cont choots any Job No. 50 Date Direct Materials Direct Labor Manfacturing Overhead 3 Cost of completed job Direct materiale I Total cost Job No. 51 Date Direct Materials Direct Lab Hanufacturing Overhead lan CALCULATOR PRINTEM VE Direct labor Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ Cost of completed job Direct materials I Direct labor Manufacturing overhead Total cost Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan BALE REET 5 Prepare the journal entry to record the completion of any job(s) during the month (Credit account titles are automatically indented where amount is entered. De not inden y.) Account Titles and Explanation Debit SHOW LIST OF ACCOUNTS Prepare the entries to record the of my obscuring the month (Credit account title are automatically indented when amount is entered indent manually No. Account Titles and Explanation (1) To record sale of 09 (To record of OWLINO MOUNIS (To record cost of jobs) SHOW LIST OF ACCOUNTS What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of Tinished Goods Inventory $ SHOW LIST OF ACCOUNTS What is the amount of over- or underapplied overhead? Manufacturing Overheads Click if you would like to show Work for this question: On Show Work SHOW LIST OF ACCOUNTS