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can you answers a,b,c,d,e,f,g and h Purchased additional raw materials of $90,000 on account. Incurred factory labor costs of $70,000. Of this amount $16,000 relate
can you answers a,b,c,d,e,f,g and h
Purchased additional raw materials of $90,000 on account. Incurred factory labor costs of $70,000. Of this amount $16,000 relate t payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $17,000 indirect labor $20,000, depreciation expense on equipment $12,000, and various other manufacturing overhead costs on account $16,000. Assigned direct materials and direct labor to jobs as follows. a) Calculate the predetermined overhead rate for 2017, assuming Lott Company estimates total manufacturing overhead costs of $840,000. direct labor costs of $700,000. and direct labor hours of 20.000 for the year. b) Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. j) Prepare the journal entries to record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incurred during the month of January. I) Prepare the journal entries to 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. e) Total the job cost sheets for any job(s) completed during the month. Prepare the journal entry (or entries) to record the completion of any job(s) during the month. D Prepare the journal entry (or entries) to record the sale of and job(s) during the month. g) What is the balance m the Finished Goods Inventory account at the end of the month? What does this balance consist of? h) What is the amount of over-or underapplied overheadStep by Step Solution
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