5 2 points eBook H References Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,158,800 in manufacturing overhead cost at an activity level of 562,000 machine-hours. The company spent the entire month of January working on a large order for 13,000 custom-made machined parts. The company had no work in process at the beginning of January. Cost data relating to January follow a. Raw materials purchased on account. $324,000. b. Raw materials used in production, $254,000 (80% direct materials and 20% indirect materials). c. Labor cost accrued in the factory, $156,000 (one-third direct labor and two-thirds indiret labor) d. Depreciation recorded on factory equipment, $62,000. e. Other manufacturing overhead costs incurred on account, $84,600. Manufacturing overhead cost was applied to production on the basis of 40,510 machine-hours actually worked during the month. g. The completed job for 13,000 custom-made machined parts was moved into the finished goods warehouse on January 31 to await delivery to the customer. (in computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct labor, and applied overhead.) Required: 1. Prepare journal entries to record items (a) through (f) above (ignore item (g) for the moment 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these T- accounts. 3. Prepare a journal entry for item (g) above. 4. If 10,700 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for February? Complete the question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Check my work 5 2 points References Required 1 Required 2 Required 3 Required 4 Prepare journal entries to record items (a) through (f) above ignore item (a) for the moment). (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet Raw materials purchased on account, $324,000. Note: Enter debits before credits Transaction General Journal Debit Credit View general journal Record entry Clear entry Check my work eBook select "No journal entry equired in the first account field. Do not round intermediate calculations.) (9) for the moments. (If no entry is required for a View transaction list Journal entry worksheet Hint References Mr 1 3 4 5 6 Raw materials used in production, $254,000 (80% direct materials and 20% indirect materials), Note: Enter debits before credits. Transaction b. General Journal Debit Credit Record entry Clear entry View general journal Prev 510 Next > eBook Hint References www transaction list Journal entry worksheet 1 2 4 5 6 Labor cost accrued in the factory, $156,000 (one-third direct labor and two- thirds indirect labor). Note: Enter debits before credits. Transaction P General Journal Debit Credit Record entry Clear entry View general journal eBook Journal entry worksheet Hint < 1 2 3 References +0 4 5 6 Depreciation recorded on factory equipment, $62,000, Note: Enter debits before credits Transaction d. General Journal Debit Credit Record entry Clear entry View general journal eBook Journal entry worksheet Hint < 1 2 3 4 6 References Other manufacturing overhead costs incurred on account, $84,600. Note: Enter debits before credits. Transaction e. General Journal Debit Credit Record entry Clear entry View general journal eBook Hint References Journal entry worksheet 2 3 4 5 199 Manufacturing overhead cost was applied to production on the basis of 40,510 machine-hours actually worked during the month. Note: Enter debits before credits. Transaction f. General Journal Debit Credit View general journal Record entry Clear entry