(c) (d) Record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incurred during the month of January. Record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). Post all costs to the job cost sheets as necessary Total the job cost sheets for any job(s) completed during the month. Record the completion of any job(s) during the month Record the sale of any job(s) during the month. (e) . (1) Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead (c) Purchase raw materials Incurred factory labor Factory depreciation Other overhead costs Indirect materials Indirect labor (d) Direct materials Direct labor Assigned overhead le) Jobs completed () Jobs sold Sheridan Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 23,600 direct labor $ 14,160, and manufacturing overhead $ 18,880. As of January 1, Job 49 had been completed at a cost of $ 106,200 and was part of finished goods inventory. There was a $ 17.700 balance in the Raw Materials Inventory account During the month of January, Sheridan Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold during the month. The following additional events occurred during the month. Purchased additional raw materials of $ 106,200 on account. Incurred factory labor costs of $ 82,600 Incurred manufacturing overhead costs as follows: indirect materials $ 20,060; indirect labor $ 23,600 ; depreciation expense on equipment $ 14,160; and various other manufacturing overhead costs on account $18.880 4. Assigned direct materials and direct labor to jobs as follows. 1. 2. 3. Job No. 50 51 52 Direct Materials $ 11,800 46.020 35.400 Direct Labor $5.900 29.500 23,600 Job No. 51 Date Direct Materials Direct Labor Jan. $ 46020 $ Manufacturing Overhead $ 35400 29500 $ 46020 $ 29500 $ 35400 Cost of completed job Direct materials Direct labor $ 46020 29500 Manufacturing overhead 35400 Total cost 110920 Job No. 52 Date Direct Materials Direct Labor Jan $ Manufacturing Overhead $ 28320 35400 $ 23600 JOD COST Sheet for Job 50. Job No. 50 Date Direct Materials Direct Labor Ber $ 23600 $ Manufacturing Overhead $ 18880 14160 Jan. 11800 5900 7080 s 35400 $ 20060 $ 25960 Cost of completed job Direct materials 35400 Direct labor 20060 Manufacturing overhead 25960 Total cost $ 81420 Calculate the predetermined overhead rate for 2020, assuming Sheridan Company estimates total manufacturing overhead costs of $ 991,200, direct labor costs of $ 826,000, and direct labor hours of 23,600 for the year. (Round answer to the nearest whole percent, e.g. 25%.) Predetermined overhead rate 120 % (c) (d) Record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incurred during the month of January. Record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). Post all costs to the job cost sheets as necessary Total the job cost sheets for any job(s) completed during the month. Record the completion of any job(s) during the month Record the sale of any job(s) during the month. (e) . (1) Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead (c) Purchase raw materials Incurred factory labor Factory depreciation Other overhead costs Indirect materials Indirect labor (d) Direct materials Direct labor Assigned overhead le) Jobs completed () Jobs sold Sheridan Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 23,600 direct labor $ 14,160, and manufacturing overhead $ 18,880. As of January 1, Job 49 had been completed at a cost of $ 106,200 and was part of finished goods inventory. There was a $ 17.700 balance in the Raw Materials Inventory account During the month of January, Sheridan Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold during the month. The following additional events occurred during the month. Purchased additional raw materials of $ 106,200 on account. Incurred factory labor costs of $ 82,600 Incurred manufacturing overhead costs as follows: indirect materials $ 20,060; indirect labor $ 23,600 ; depreciation expense on equipment $ 14,160; and various other manufacturing overhead costs on account $18.880 4. Assigned direct materials and direct labor to jobs as follows. 1. 2. 3. Job No. 50 51 52 Direct Materials $ 11,800 46.020 35.400 Direct Labor $5.900 29.500 23,600 Job No. 51 Date Direct Materials Direct Labor Jan. $ 46020 $ Manufacturing Overhead $ 35400 29500 $ 46020 $ 29500 $ 35400 Cost of completed job Direct materials Direct labor $ 46020 29500 Manufacturing overhead 35400 Total cost 110920 Job No. 52 Date Direct Materials Direct Labor Jan $ Manufacturing Overhead $ 28320 35400 $ 23600 JOD COST Sheet for Job 50. Job No. 50 Date Direct Materials Direct Labor Ber $ 23600 $ Manufacturing Overhead $ 18880 14160 Jan. 11800 5900 7080 s 35400 $ 20060 $ 25960 Cost of completed job Direct materials 35400 Direct labor 20060 Manufacturing overhead 25960 Total cost $ 81420 Calculate the predetermined overhead rate for 2020, assuming Sheridan Company estimates total manufacturing overhead costs of $ 991,200, direct labor costs of $ 826,000, and direct labor hours of 23,600 for the year. (Round answer to the nearest whole percent, e.g. 25%.) Predetermined overhead rate 120 %