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The company's 2021 payroll data revealed the following actual payroll costs for the year. Wage Rate Number Employed 1 per Hour Annual Total Hours Salary per Worked per Employee Employee $224,000 1 $178,000 1 $40,400 1 $31,800 Job Title President and CEO Vice president and CFO Factory manager Assistant factory manager Machine operator Security guard, factory Forklift operator Corporate secretary Janitor, factory 5 $15 5 2.250 2 $20,500 2 $8 2.000 1 $36,100 2 $6 2.150 The following information was taken from Concord's Schedule of Plant Assets. All assets are depreciated using the straight-line method Plant Asset Factory building Administrative office Factory equipment Purchase Price Salvage Value $4.000.000 $150,000 $650,000 $125,000 $2,000,000 $20,000 Useful Life 20 Years 30 Years 12 Years Other miscellaneous costs for 2020 all paid in cash included Amount Cost Factory insurance (fully expired) $12.800 Administrative office utilities $5,500 Cost Amount Factory insurance (fully expired) $12,800 $5,500 Administrative office utilities Factory utilities Office supplies (fully consumed) $32.700 $5,400 Additional information about Concord's operations in 2020 includes the following: Raw materials purchases for the year amounted to $1.949,000. All materials were purchased on account. The company used $1,860,000 in raw materials during the year. Of that amount, 85% was direct materials and 15% was indirect materials. Concord applied overhead to Work in Process Inventory based on direct materials cost. Airplanes costing $3,450,000 to manufacture were completed and transferred out of Work in Process Inventory Concord uses a markup of 150% to price its airplanes. Sales for the year were $6,570,000. All sales are made on account (Note: This transaction requires two journal entries) (a) Your answer is correct What was Concord's predetermined overhead rate in 2021? Predetermined overhead rate 70 % of direct materials cost Your answer is correct Prepare the journal entries to record Concord's costs for 2021. (Use Salaries Payable and Wages Payable accounts for payroll costs) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Post entries in order presented in the problem. Round answers to decimal places, eg,5,275) No. Account Titles and Explanation Debit Credit 1. Salaries and Wages Expense 438100 438100 Salaries Payable (To record salaries for president, vice president, and corporate secretary) 2 Manufacturing Overhead 113200 Salaries Payable 113200 (To record salaried factory worker costs) Work in Process inventory 3 168750 Manufacturing Overhead 57800 Wag Payable 226550 (To record hourly factory worker costs) 4 Depreciation Experte 17500 Accumulated Deprecation 17500 4 Depreciation Expense 17500 Accumulated Depreciation 17500 (To record depreciation on administrative office equipment) S. Manufacturing Overhead 957500 | Accumulated Depreciation 357500 (To record depreciation on factory building and equipment) 6. Supplies Expense 5400 Utilities Expense 5500 cash 10900 (To record administrative office utilities and office supplies expense) 7. Manufacturing Overhead 45500 cash 45500 (To record factory insurance and factory utilities) 8. Raw Materials Inventory 1949000 Accounts Payable 1949000 (To record raw materials purchases) 9. Work in Process Inventory 1581000 Manufacturing Overhead 279000 (To record raw materials purchases) 9. Work in Process Inventory 1581000 Manufacturing Overhead 279000 Raw Materials inventory 1860000 (To record direct materials and Indirect materials used in production) 10. Work in Process Inventory 1106700 Manufacturing Overhead 1106700 (To apply overhead to work in process) 11. Finished Goods Inventory 3450000 Work in Process Inventory 3450000 (To record transfer of completed airplanes) 12. Accounts Receivable 6570000 Sales Revenue 6570000 (To record sale of airplanes to customers) 13. Cost of Goods Sold 2628000 Finished Goods Inventory 2628000 (To record cost of airplanes sold) Your answer is incorrect. If Concord chooses instead to prorate under-or overapplied overhead, what are the adjusted Work in Process Inventory, Finished Goods Inventory and Cost of Goods Sold account balances for 2021? (Round % of total to 1 decimal place, eg. 55.7 and final answers to 2 decimal places, eg. 5,275.25.) Adjusted Balance $ Work In Process $ Finished Goods Cost of Goods Sold eTextbook and Media List of Accounts Save for later Attempts: unlimited Sutomie Answer Submit Answer Prepare the appropriate T-accounts for Raw Materials Inventory, Work-in-Process Inventory, Finished Goods Inventory, Manufacturing Overhead Control, Cost of Goods Sold, and Sales, and record Concord's transactions for 2021. Calculate the ending balance in each account. (Post entries in order presented in the problem. Round answers to O decimal places, eg. 5,275.) Raw Materials Bal. 251000 (8) 1949000 (9) 1860000 Bal. 340000 Work in Process Inventory Bal. V 627000 (3) 1581000 357500 7