E$2-20($Algo$)$ Recording Manufacturing Costs $[$LO $2-3,2-4,2-5]$

Reyes Manufacturing Company uses a job order cost system. At the beginning of January, the company had one job in process $($Job $201)$ and one job completed but not yet sold $($Job $200).$ Job $202$ was started during January. Other select account balances follow $($ignore any accounts that are not listed$).$

During January, the company had the following transactions:

Purchased $$63,000$ worth of materials on account.

Recorded materials issued to production as follows:

Job Number Total Cost

$201$ $ $10,300$

$20221,200$

Indirect materials $5,900$

$ $37,400$

Recorded factory payroll costs from labor time tickets that revealed the following:

Job Number Hours Total Cost

$201119$ $ $2,700$

$20239810,600$

Factory supervision $5,100$

$ $18,400$

Applied overhead to production at a rate of $$27\mathrm{.}00$ per direct labor hour for $517$ actual direct labor hours.

Recorded the following actual manufacturing overhead costs:

Item Total Cost Description

Factory rent $ $3,600$ Paid in cash

Depreciation $4,600$ Factory equipment

Factory utilities $4,400$ Incurred but not paid

Factory insurance $3,400$ Prepaid policy

$ $16,000$

Completed Job $201$ and transferred it to Finished Goods Inventory.

Sold Job $200$ for $$51,900.$

Job $202$ was still in process at the end of January.

Required:

Post the preceding transactions to T$-$accounts. $($Note: Capture the offsetting of debits and credits to other accounts such as Cash, Payables, Accumulated Depreciation, and so on in Miscellaneous Accounts.$)$

Compute the ending balance in the following accounts:

Raw Materials Inventory.

Work in Process Inventory.

Finished Goods Inventory.

Cost of Goods Sold $($unadjusted$).$

Manufacturing Overhead $($Specify if overhead is overapplied or underapplied$).$

Compute the total cost of Jobs $201$ and $202$ at the end of January.