ALT-MFG-POSTINGS SCORE ASSETS ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE OWNER'S EQUITY COST OF GOODS SOLD RAW MATERIALS INV 1 Smith Printing purchased $172,000 of raw materials on account. 2 Materials used: Job 420-532,240; Job 421-42,920; lob 422516,100; lob 423: $39,270. Indirect Materials used $4,470. (Total direct materials used-$150,530.) FACTORY OVERHEAD WORK IN PROCESS INV 3 Factory wages ob 420-$18,000; Job 421-$26,000; Job 422-$15,000; ob 423-$25,000. Indirect Labor $3,300. Total direct labor - $84,000.) 4 Factory supervisionaries and factory security salaries were $39,500 UTILITIES PAYALE O sup/sec O depe 5 Depreciation on the factory and machinery was $14,550. FINISHED GOODS INV DR Balsunderapplied CR Balnoverapplied JOB 420 OM 6 Factory overhead is applied at the rate of 75% of direct labor cost. 63000 7 Fill in the job cost sheets. ACCUM. DEPRECIATION BO * lobs 420, lob 421 and Job 423 were completed and moved to finished Goods. TOTAL 9x Job 420 was sold to a customer for $100,000 on account. MOB 421" DM DE FO TOTAL ACCOUNTS RECEIVABLE RAW MATERIALS INV WORK IN PROCESS INV FINISHED OOOOS INV ACCUM. DEPRECIATION FACTORY OVERHEAD ACCOUNTS PAYABLE WAGES PAYABLE SALARIES PAYABLE UTILITIES PAYABLE Questions worth asking a. Which job was finished and sold? 420 63,740 b. Which jobs were finished but not sold? 421 423 171.440 6. Which job was not finished? 422 62,350 d. Was the overhead over or underapplied and by how much? overapplied by 1180 JOB 422 DM DE FO TOTAL COST OF GOODS SOLD JOB 4239 OM DE TOTAL