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. 2. 3. Purchased additional raw materials of $115,200 on account. Incurred factory labor costs of $89,600. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $15,360; and various other manufacturing overhead costs on account $20,480. Assigned direct materials and direct labor to jobs as follows. 4. 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. No. Account Titles and Explanation Debit Credit (1) Raw Materials Inventory 115200 acc (2) Factory Labor 89600 Service Salaries and Wages (3) Manufacturing Overhead 35840 Accumulated Depreciation-Buildings Accounts Payable e Textbook and Media Your answer is partially correct. 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) work 101120 Manufacturing Overhead 21760 ra () (2) Work in Process Inventory 64000 Manufacturing Overhead 25600 Factory Labor (3) work 76800 man 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.) Account Titles and Explanation Debit Credit Finished Goods Inventory 208640 work 20864 What is the balance in the Finished Goods Inventory account at the end of the month? (Hint: Use a T-account for Finished Goods Inventory.) What does this balance consist of? Finished Goods Inventory $ 203520 Jobs 51 and 52 4 e Textbook and Media List of Accounts X Your answer is incorrect. What is the amount of over- or underapplied overhead? Manufacturing Overhead $ Overapplied e Textbook and Media List of Accounts