Cullumber 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 $25,600, direct labor $15,360, and manufacturing overhead $20,480. As of January 1, Job 49 had been completed at a cost of $115,200 and was part of finished goods inventory. There was a $19,200 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber 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 $156,160 and $202,240, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $115,200 on account. 2. Incurred factory labor costs of $89,600. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $15,360; and various other manufacturing overhead costs on account $20,480. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $12,800 $6,400 51 49,920 32,000 52 38,400 25,600 5. Assigned indirect materials of $21,760 and indirect labor of $25,600. 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 Debit Credit e Textbook and Media List of Accounts 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 Debit Credit (1) (To record sale of jobs) (2) Cost of completed job Direct materials $ Direct labor Manufacturing overhead Total cost $ Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ 38400 $ 38400 $ e Textbook and Media List of Accounts 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.) Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg. $ $ $ Jan. $ $ $ Cost of completed job Direct materials $ Direct labor Manufacturing overhead Total cost $ Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ 49920 $ 32000 $ $ $ $ Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (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) Calculate the predetermined overhead rate for 2022, assuming Cullumber Company estimates total manufacturing overhead costs of $1,075,200, direct labor costs of $896,000, and direct labor hours of 25,600 for the year. Predetermined overhead rate % e Textbook and Media List of Accounts 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)
