2022. Job 50 was the onlyjob in process. The costs incurred prior to January 1 on this job were as follows: direct materials $18,000. direct labor $10,800, and manufacturing overhead $14,400. As of January 1, Job 49 had been completed at a cost of $81,000 and was part of finished goods inventory. There was a $13,500 balance in the Raw Materials Inventory account on January 1. During the month of January, Pharoah Company began production on Jobs 51 and 52 , and completed Jobs 50 and 51 Jobs 49 and 50 were sold on account during the month for $109,800 and $142,200, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $81000 on account. 2. Incurred factory labor costs of $63.000. 3. Incurred manufacturing overhead costs as followsidepreciation expense on equipment $10,800 : and various other manufacturing overhead oosts on account $14,400. 4. Assisned direct materialsand direct labor to jobs as follows. 5 Assigned indirect materials of $15,300 and indirect labori of $18,000 Calculate the predetermined overhead rate for 2022 , assum ins Pharoah Company estimates total manufacturing overhead costs of $756,000. direct labon costs of $630,000, and direct labor hours of 18,000 for the year. Predetermined overhend rate eTextbook and Media Prepare the joumal entries to record (1) the purchase of raw materials. (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. fist all debit entries before credit entries Credit occount titles are cutomaticaliy indented when amount is entend. Do not indent manuallyd Prepare the joumal entries to record the asslenment of (1) raw meterials, (2) fyctory laboc, and (3) marufacturing overhead costs to production In assignint manufacturing overhead costs, use the overhead rase calcul ated in tal. Aht all debit entries before credit entries Credit occount tities are dutonsatically indented wheri amount is entered, Do not indent manualyd Prepare the joumal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs. use the overhead rate calculated in (a). (List oll debit entries before credit enbies Credit occount tities are outomatically indented when amount is entered Do not indent manualify Ppanjob cost shects for jobs 50.51, and 52. Enter the Jenuary I balanceri on thejob cost sheet for Job 50. Post all costs to the job. cost shects as necessery? Openjob cost sheets for Jobs 50,51 , and 52 . Enter the January 1 balances on the job cost sheet for job 50 . Post all costs to thejob cost sheets as necessary. Ccost of completed job Direct moterials Direct labor Manuiacturing owerhead Total cost eTextbook and Media Llst of Accounts: Frepare the journai antry zo record the campletion of a ry/obisl during the moonth lLat all debit entries before credit entries Credit. gecount steief are automaticaly indented when amount is entered Do not indent manuolly]. Account Titles and Explanation Debit. Credit e Texthook and Media List of Accounte ecoount titles ore duton aticaly indented when amount is entered Do not indent manually Prepare the journat entries to record the sale of anyjobls) during the mionth. (Ust all debit entries before credit entries. Credit account tities ore automatically indented when amount is entered. Do not indent manuolly. What is the belance in the Finished Goods inventory account et the end of the month? \&Hint Use a T-account for Finished Goods Finished Goces inventery E Textbook and Media What is the balance in the Finished Goods inventory account at the end of the month? IHlint: Use a Traccount for Finished Goods inventory) What does this balance consist of? Finished Goods Impentory $ List of Accounts Whit is the anvount of owr- or underapplied overhead
