E3-47B Record journal entries (Learning objectives 2, 3, 5, & 6) The following transactions were incurred by Whooley Fabricators during January, the first month of its fiscal year Requirements Record the propel ournal entry for each transaction. a. $205,000 of materials were purchased on account. b. $174,000 of materials were used n production; of this amount, $146,000 was used on specific jobs c. Manufacturing labor and salaries for the month totaled $210,000. $200,000 of the total manufacturing labor and salaries was traced to specific jobs, while the remainde was indirect labor used in the factory d. The company recorded $16,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $14,000 e. $56,000 of manufacturing overhead was allocated to specific jobs 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? E3-48B Analyze Taccounts (Learning Objectives 2, 3, 5, & 6U LCDs For You produces LCD touch screen products. The company reports the following information at December 31. LCDs For You began operations on January 31 earlier that same year Work in Proces Wages Manufacturing Finished Goods Payable Overhead Inventory Inventory 28,000 125,500 73,000 73,000 60,000 42,000 Requirements What is the cost of direct materials used? 2. The cost of indirect materials used? 3. What is the cost of direct labor? 4. The cost of indirect labor? 5. What is the cost of goods manufactured? 6. What is the cost of goods sold (before adjusting for any under- or overallocated manufactur- ing overhead)? 7. What is the actual manufacturing overhead? 8. How much manufacturing overhead was allocated to jobs? 9. What is the predetermined manufacturing overhead rate as a percentage of direct labor cost? 10. ls manufacturing overhead underallocated or overallocated? By how much? E3-49B Prepare journal entries (Learning 0bjectives 2, 3, & 6) Record the following transactions in Super Speakers' general journal a. Received bill for Web site expenses, $2,200. b. Incurred manufacturing wages, $19,000, 55% of which was direct labor and 45% of which was indirect labor c. Purchased materials on account, $18,000 d. Used in production: direct materials, $9,500; indirect materials, $4,000. e. Recorded manufacturing overhead: depreciation on plant, $14,000; prepaid plant insur ance expired, $1,700; plant property tax, $3,500 (credit Property Tax Payable). Job Costing 153 Raw Materials Inventory