\begin{tabular}{l} Account Tites and Explanation: Credh \\ \hline \end{tabular} What is the balance in the Finished Goods irventory account at the end of the month? (Hint Uso a Faccount for Finished Goods Inventory) What does this balance consist or? Finished Goods Imventary eTextbook and Mcdia Uist of Accounts What is the a mount of cwer-or underapplied ovethead Manuacturing Overtieari. S Prepare the journal 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. (List all debit entries before credit entries. Credit occount bitles are automatically indented when amount is entered. Do not indent manually.) tieles are asitrimatically indented infer amount is entered, Do not indent manualy. Wildhorse Company uses a job order cost system and applies overhead to production an the basis of direct labor costs. On January 1. 2022 , Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows. direct materials $24,400. direct labor $14,640, and manufacturing overhead $19,520. As of January 1, Job 49 had been completed at a cost of $109,800 and was part of finished goods inventory. There was a $18,300 balance in the Raw Materials Inventoryaccount on January 1. During the month of January. Wildhorse 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 $148,840 and $192,760, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $109,800 on account. 2. Iricurred factory labor costs of $85,400. 3. Incurred manufacturing overhead costs as follows depreciation expense on equipment $14,640 : and various other manufacturing overhead costs on account $19,520 4. Assigned direct materials and direct labor to jobs as follows. Job No. 51 Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost 5. Assiened indirect materiah of $20,740 and indirect laber of $2,4,400 Calculate the predetermined overtead ratefor 2022 assuming Wildhonc Compamy estimates total manufacturine overhead covts of $1,024,800, direct labor costs of $954,000, and direct labor hours of 24,400 for the vas, Predeterininedoverhead rate Job Na. 50 Date Direct Labor $ Manufacturing Overhead s Cost of completed job Directmaterials s Directlabor Manufacturing overhesd Totalcost Prepare the journal 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). Rist all debit entries before credit entries. Credit occount titles are automatically indented when amount is entered. Do not indent manually.)
