Crane Company utes 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 $16,400, direct labor $9,840, and manufacturing overhead $13, 120. As of January 1. Job 49 had been completed at a cost of $73,800 and was part of finished goods Inventory. There was a $12,300 balance in the Raw Materials Inventory account on January 1. During the month of January Crane 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 $100.000 and $129,560, respectively. The following additional events occurred during the month 1 2 3. Purchased additional raw materials of $73,800 on account Incurred factory labor costs of $57.400 Incurred manufacturing overhead costs as follows depreciation expense on equipment $9,840, and various other manufacturing overhead costs on account $13.120. Aluned direct materials and direct labor to jobs as follows. 4. Job No. Direct Materials Direct Labor 50 $8,200 $4,100 51 31,980 20,500 52 24,600 16,400 5 Assigned indirect materials of $13,940 and indirect labor of $16,400 (a) Calculate the predetermined overhead rate for 2022 assuming Crane Company estimates total manufacturing overhead costs of $688,800, direct labor costs of 5574.000, and direct labor hours of 16.400 for the year. Predetermined overhead rate (a) Calculate the predetermined overhead rate for 2022, assuming Crane Company estimates total manufacturing overhead costs of $688,800, direct labor costs of $574,000, and direct labor hours of 16,400 for the year. Predetermined overhead rate 2 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer c) 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 Debit Credit (1) (2) (3) Prepare the journal entries to record the assignment of (1) raw materials (2) factory laborand (3) manufacturing overhead costs to production. In astigning manufacturing overhead costs, use the overhead rate calculated infallist alldetit entries before credit entries Creditoccountries are automatically indented when amount sted. Do not indent] No. Account Titles and Explanation Debit Credit (1) (2) (3) e Textbook and Media List of Accounts Attempts 0 of 2 used SA (b) & (d2) le) (b) & (02) 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 Bee S $ $ Jan $ $ $ Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Direct Materials Direct Labor Date Manufacturing Overhead $ $ Jan $ $ $ Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead San $ cost of completed Direct materials Direct labor Manufacturing overhead Total.com Job No. 52 Date Direct Material Direct Labor Manufacturing Overhead an le) Prepare the journal entry to record the completion of any job(s) during the month. (List all debit entries before credit entries. Credit account tities are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Textbook and Media List of Accounts Sare for at Attempts: 0 of 2 used Submit An an Prepare the journal entries to record the sale of any jobs) during the month. (List oll debit entries before credit entries. Credit account bites are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit (1) (To record sale of jobs) (2) Prepare the journal entries to record the sale of any obs) during the month fukt 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) To record sale of jobs) (2) (To record cost of jobs) 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 $ (g) 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 $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (b) What is the amount of over- or underapplied overhead? Manufacturing Overhead $ e Textbook and Media List of Accounts Sove for later Attempts: 0 of 2 used Submit