Chapter 20 Question 1 of 2 36.37/50 E What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of? Finished Goods Inventory $ (4) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer The parts of this question must be completed in order. This part will be available when you compten the part above Question 1 of 2 View Policies Show Attempt History Current Attempt in Progress 36.37/50 Sandhill 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 $19.600 direct labor $11,760, and manufacturing overhead $15.680. As of January 1, Job 49 had been completed at a cost of $88,200 and was part of finished goods inventory. There was a $14.700 balance in the Raw Materials Inventory account on January 1. During the month of January. Sandhill 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 $119.560 and $154,840. respectively. The following additional events occurred during the month. 1 Purchased additional raw materials of $88,200 on account 2 Incurred factory labor costs of $68.600 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $11,700 and various other manufacturing overhead costs on account $15.680 A Assigned direct materials and direct labor to jobs as follows Question 1 of 2 < > 5. (a) Job No. Direct Materials Direct Labor 50 $9,800 $4,900 51 38,220 24,500 52 29,400 19,600 Assigned indirect materials of $16,660 and indirect labor of $19,600. 36.37/5 Question 1 of 2 > (a) 36.37/50 E Your answer is correct. Calculate the predetermined overhead rate for 2022, assuming Sandhill Company estimates total manufacturing overhead costs of $823,200, direct labor costs of $686,000, and direct labor hours of 19,600 for the year. Predetermined overhead rate eTextbook and Media List of Accounts 120 % Attempts: 1 of 3 used Question 1 of 2 36.37/50 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 account titles are automatically indented when amount is entered. Do not Indent manually) No. Account Titles and Explanation (1) Raw Materials Inventory Accounts Payable (2) Factory Labor Cost of Completed Service Contracts (3) Manufacturing Overhead Accumulated Depreciation-Equipment Accounts Payable Debit Credit 88200 68600 823200 88200 68600 11760 611440 Question 1 of 2 36.37/50 Prepare the journal entries to record the assignment or (1) raw materials, (2) factory Tabor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (Ust all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) E No. Account Titles and Explanation (1) Work in Process Inventory Manufacturing Overhead Raw Materials Inventory Debit Credit 77420 16660 4000 (2) Work in Process Inventory 49000 Manufacturing Overhead 19600 68600 Factory Labor 58800 (3) Work In Process Inventory Manufacturing Queshead 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 Beg Direct Materials Direct Labor 19600 $ Manufacturing Overhead 11760 15680 Jan. Cost of completed job Direct materials Direct labor 9800 4900 5880 29400 $ 16660 $ 21560 29400 16660 Fork: Chapter 20 Question 1 of 2 < > Direct labor Manufacturing overhead Total cost Job No. 51 Date Jan $ Direct Materials 38220 $ 38220 Direct Labor 24500 $ 24500 36.37/50 E 16660 21560 67620 Manufacturing Overhead 29400 29400 Question 1 of 2 < > 36.37/50 E Cost of completed job Direct materials Direct labor Manufacturing overhead i Total cost Job No. 52 Date Jan Direct Materials 29400 s Direct Labor 19600 Manufacturing Overhead 29400 36220 24500 29400 92120 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 Finished Goods Inventory Work in Process Inventory eTextbook and Media List of Accounts Debit 159740 Credit 159740 Attempts: 1 of 3 used 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 (1) Accounts Receivable Sales Revenue (To record sale of jobs) (2) Cost of Goods Sold Finished Goods Inventory (To record cost of jobs) Debit Credit 274400 274400 155820 155820 (8) What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of Finished Goods Inventory $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used (h) 7 The parts of this question must be completed in order. This part will be available when you complete the part above