Coronado 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 $ 21,400, direct labor $ 12,840, and manufacturing overhead $ 17.120. As of January 1, Job 49 had been completed at a cost of $ 96,300 and was part of finished goods inventory. There was a $ 16,050 balance in the Raw Materials Inventory account During the month of January. Coronado 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 1 2. 3. Purchased additional raw materials of $ 96,300 on account. Incurred factory labor costs of $ 74,900. Incurred manufacturing overhead costs as follows: indirect materials $ 18,190 indirect labor $21.400; depreciation expense on equipment $ 12,840, and various other manufacturing overhead costs on account $ 17.120. Assigned direct materials and direct labor to jobs as follows. 4 Job No. Direct Materials Direct Labor 50 $ 10,700 $5,350 51 41.730 26,750 52 32.100 21,400 Your answer is correct. Calculate the predetermined overhead rate for 2022 assuming Coronado Company estimates total manufacturing overhead costs of $ 898,800, direct labor costs of $ 749,000, and direct labor hours of 21.400 for the year. (Round answer to the nearest whole percent, es 25%) Predetermined overhead rate 120 % e Textbook and Media Openjob cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg 21400 $ 12840 $ 17120 Jan. 10700 5350 6420 $ 32100 $ 18190 $ 23540 Cost of completed job Direct materials $ 32100 Direct labor 18190 23540 Manufacturing overhead 73830 Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ 41730 $ 26750 $ 32100 $ 41730 $ 26750 $ 32100 Cost of completed job Direct materials 41730 Direct labor 26750 Manufacturing overhead 32100 Total cost 100580 Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ 32100 21400 25680 e Textbook and Media (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 ob(s) completed during the month. Record the completion of any job(s) during the le) month () Record the sale of anyJob(s) during the month (Enter negative amounts using either a negative sign preceding the number es 45 or parentheseses (451) Manufacturing Costs Factory Labor Raw Materials Inventory Manufacturing Overhe (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 S Jobs sold Ending balance a (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 le) (9 (Enter negative amounts using either a negative sign preceding the number eg. 45 or parentheseses (45)) Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Manufacturing Overhead DODOTTO
