7 0.35 points Reyes Manufacturing Company uses a job order cost system. At the beginning of January, the company had one job in process (Job 201) and one job completed but not yet sold (Job 200). Job 202 was started during January. Other select account balances follow (ignore any accounts that are not listed). During January, the company had the following transactions: a. Purchased $61,000 worth of materials on account. b. Recorded materials issued to production as follows: Total Cost Job Number Print 201 202 Indirect materials $ 10,500 21,800 6,900 References $ 39,200 c. Recorded factory payroll costs from labor time tickets that revealed the following: Job Number Hours Total Cost 201 104 $ 2,200 202 391 Factory supervision 10,100 4,200 $ 16,500 d. Applied overhead to production at a rate of $28.00 per direct labor hour for 495 actual direct labor hours. e. Recorded the following actual manufacturing overhead costs: Description Item Factory rent Depreciation Factory utilities Factory insurance Total Cost $3,700 Paid in cash 3,900 2,600 2,500 Factory equipment Incurred but not paid Prepaid policy $ 12,700 f. Completed Job 201 and transferred it to Finished Goods Inventory. g. Sold Job 200 for $50,400. Job 202 was still in process at the end of January. Required: 1. Post the preceding transactions to T-accounts. (Note: Capture the offsetting of debits and credits to other accounts such as Cash, Payables, Accumulated Depreciation, and so on in Miscellaneous Accounts.) 2. Compute the ending balance in the following accounts: a. Raw Materials Inventory. b. Work in Process Inventory. c. Finished Goods Inventory. d. Cost of Goods Sold (unadjusted). e. Manufacturing Overhead (Specify if overhead is overapplied or underapplied). 3. Compute the total cost of Jobs 201 and 202 at the end of January. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Post the preceding transactions to T-accounts. (Note: Capture the offsetting of debits and credits to other accounts such as Cash, Payables, Accumulated Depreciation, and so on in Miscellaneous Accounts.) Raw Materials Inventory Debit Credit 1/1 Work In Process Inventory Debit Credit 33,000 61,000 1/1 39,200 (b) (b) Balance 54,800 24,500 32,300 10 12,300 (d) 13,860 Balance 82,960 Finished Goods Inventory Debit Credit 1/1 Cost of Goods Bold Debit Credit 28,000 1/1 82,960 (g) (90 9,940 Balance 110,960 Manufacturing Overhead Debit Credit 1/1 (b) (c) 2,900 12,300 9.940 (4) (0) 12,700 Balance 17,960 Miscellaneous Accounts (Cach, Payables, etc.) Debit 1/1 (6) Credit 61,000 (4) 12.300 (4) 12,700 (4) Balance Debit 9,940 Sales Revenue < Required 1 Required 2 > Credit 50,400 (1 50,400 Balance