ACCOUNTS DEBIT CREDIT JO8 101 Ref JOB 102 JOB 108 DM DM DL MO A DM The company iasued 100,000 shares of commen steck for $1.00 per share. DE DL MO TOTAL TOTAL TOTAL P The campeny purchosed $20,000 of rew materials on account. CASH ACCOUNTS PAYABLE N ST 11 Raw moteriale allocated $4,000 to job 101, $7,000 to jeb 102, &$5,000 to job 103 12 13 Enter these voalues an the job cost sheets. 14 15 ACCOUNTS RECEIVABLE SALARIES PAYABLE RETAINED EARNINGS Direet Labar fer eech job: Job 101: $3,000 Jab 102 $6,000, Jab 103: $5,000, 17 18 Enter these velues on the job cost aheets 19 20 21 22 RAW MATERIALS DIVIDENDS Actvel mendeeturing overhead incurred and acerued as a peyable wes $34,000 plus $3.000 of Accumulted depreciatian (De not record on jab theets 21 24 25 20 27 F WORK IN PROCESS 28 Mendesturing Overhead is applied at e rate af 80% of direet laber cost. (80% ef $20,000 is $16,000 Apply et the seme rate en eech joh eeet sheet. SALES DM 29 30 MO spplied 31 3 Jabe 101 and 102 were finished end moved to Finihed Geods EQUIPMENT coST OF GO00S SOLD FINISHED GO005 H Job 101 w sald ta a ustamer. The priee is set at twice the coet af the jeh ACC. DEPR EG The cast of jeb 101 i maved te Cost of Geads Seld 43 MANUFACTURING OVERHEAD 44 Nete thet the Mandesturing Overhead hes an ending debit balence of $1,000 This is beeause the Predetermined Overhead Rate of o% of direet leber ct dt urately predict the atuel ameunt of averheed ineurred Ar the and od the year, this balance in the MO unt must be alesed to COGS 46 47