Blossom Company uses a job order cost system and applies overhead to production on 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 $ 16,000, direct labor $ 9,600, and manufacturing overhead $ 12,800. As of January 1, Job 49 had been completed at a cost of $ 72,000 and was part of finished goods inventory. There was a $ 12,000 balance in the Raw Materials Inventory account on January 1 During the month of January, Blossom 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 $ 97,600 and $ 126,400, respectively. The following additional events occurred during the month 1. 2 Purchased additional raw materials of $ 72,000 on account Incurred factory labor costs of $ 56,000. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $ 9.600; and various other manufacturing overhead costs on account $ 12.800. 3 4 Assigned direct materials and direct labor to jobs as follows, manufacturing overhead costs on account $ 12,800. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $ 8,000 $4,000 51 31,200 D20,000 52 24,000 16,000 5. Assigned indirect materials of $ 13,600 and indirect labor of $ 16,000. (01) 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). (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) 5 U (2) I (3) (b) & (d2) Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post all costs to the job cost sheets as necessary Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg $ Jan $ Cost of completed job Direct materials $ Direct labor 4 Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ $ $ $ Cost of completed job Direct materials s Direct labor Manufacturing overhead Total cost Question 7 of 10 0.7/3 E Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ s e Textbook and Media List of Accounts Attempts: 0 of 3 used Submit Answer Save for Later Using multiple attempts will impact your score. 10% score reduction after attempt 2 (e) Prepare the journal entry to record the completion of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: Onfised 0.7/3 E Prepare the journal entries to record the sale of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (To record sale of jobs) (2) (To record cost of jobs) Question 7 of 10 0.7/3 (g) What is the balance in the Finished Goods Inventory account at the end of the month? (Hint: Use a T-account for Finished Goods Inventory) What does this balance consist of? Finished Goods Inventory $ D e Textbook and Media List of Accounts Sve for Later Using multiple attempts will impact your score. 10% score reduction after attempt 2 Attempts: 0 of 3 used Submit Answer (1) What is the amount of over-or underapplied overhead? Manufacturing Overhead e Textbook and Media List of Accounts Save for later Attempts: 0 of 3 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 2 Blossom Company uses a job order cost system and applies overhead to production on 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 $ 16,000, direct labor $ 9,600, and manufacturing overhead $ 12,800. As of January 1, Job 49 had been completed at a cost of $ 72,000 and was part of finished goods inventory. There was a $ 12,000 balance in the Raw Materials Inventory account on January 1 During the month of January, Blossom 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 $ 97,600 and $ 126,400, respectively. The following additional events occurred during the month 1. 2 Purchased additional raw materials of $ 72,000 on account Incurred factory labor costs of $ 56,000. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $ 9.600; and various other manufacturing overhead costs on account $ 12.800. 3 4 Assigned direct materials and direct labor to jobs as follows, manufacturing overhead costs on account $ 12,800. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $ 8,000 $4,000 51 31,200 D20,000 52 24,000 16,000 5. Assigned indirect materials of $ 13,600 and indirect labor of $ 16,000. (01) 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). (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) 5 U (2) I (3) (b) & (d2) Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post all costs to the job cost sheets as necessary Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg $ Jan $ Cost of completed job Direct materials $ Direct labor 4 Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ $ $ $ Cost of completed job Direct materials s Direct labor Manufacturing overhead Total cost Question 7 of 10 0.7/3 E Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ s e Textbook and Media List of Accounts Attempts: 0 of 3 used Submit Answer Save for Later Using multiple attempts will impact your score. 10% score reduction after attempt 2 (e) Prepare the journal entry to record the completion of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: Onfised 0.7/3 E Prepare the journal entries to record the sale of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (To record sale of jobs) (2) (To record cost of jobs) Question 7 of 10 0.7/3 (g) What is the balance in the Finished Goods Inventory account at the end of the month? (Hint: Use a T-account for Finished Goods Inventory) What does this balance consist of? Finished Goods Inventory $ D e Textbook and Media List of Accounts Sve for Later Using multiple attempts will impact your score. 10% score reduction after attempt 2 Attempts: 0 of 3 used Submit Answer (1) What is the amount of over-or underapplied overhead? Manufacturing Overhead e Textbook and Media List of Accounts Save for later Attempts: 0 of 3 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 2