Exercise 8 - (This is a great preparation for the exam! Scroll to the top for beginning WIP data.) On August 1st Custom Car Co's work in process inventory was $29050; its raw materials inventory was $7000; manufacturing overhead had a $2100 debit balance. Work in Process Subsidiary Data 8/1: Job Direct Materials Direct Labor Man Overhead Mercedes $5,600 $1,400 $1,750 Corvette $4,200 $3,500 $4,375 Murcielago $3.500 $2,100 $2.625 $13,300 $7,000 $8.750 A. Journalize the following transactions: 8/5 Raw materials of $12600 are purchased on account from Wholesaler Co. 8/8 $2800 is paid to repair factory equipment (ck#522). 8/11 Factory rent of $4200 is paid (ck #523). 8/15 Depreciation on factory equipment totals $5600 for the month. 8/30 Property taxes for the factory total $1400. They're due next month. Date Account Dr. Cr. 5-Aug XX XX (Purchase RM-Wholesaler) 8-Aug XX XX (Repairs - Ck #522) 11-Aug XX XX (Rent-Ck #523) 15-Aug XX (Depreciation factory equip) 30-Aug xx XX (Property taxes) B. Record journal entries given the following information for August. Material Poquisition Taha T Tocate B. Record journal entries given the folloving information for August. Material Job Requisitions Time Tickets Mercedes $2,800 $2,100 Corvette $2,100 $3,500 Murcielagu $7,000 $5,600 Land Rover $4.900 $2.800 $16,800 $14,000 General use $700 $1.400 $17.500 $15,400 "Idle time, cleaning & maintenance, indirect materials, etc.) Date Account Dr. Cr. 31-Aug XX XX (Raw materials issued into production) 31-Aug XX X X XX (Assign labor costs) C. Estimated manufacturing overhead for the year was $175000. Overhead is applied based on direct labor dollars (estimated at $140000 for the year). Use this information to calculate predetermined overhead rate and apply 31-Aug X X XX (Apply overhead using PDO) D. Calculate the cost of each job by completing the following table. (Go up to the very top box for Beg. Vip. The rest can be found in the above entries.) Mercedes Corvette Murcielago Land Rover Beg. WIP XXXX Direct Materials XXXX Direct Labor X X X X Man. Overhead XXXX Total Cost X X X X E. The Mercedes, Corvette, and Murcielago jobs are completed and sold on account for $19530. $30870, & $28103.25 respectively. Journalize below. 31-Aug X X (Complete Mercedes, Corvette, Murcielago jobs) 31-Aug XX XX XX XX (Sold Mercedes, Corvette & Murcielago jobs on account)