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I just really need help on problem G. could someone please explain to me how its done Ivanhoe Company uses a job order cost system

I just really need help on problem G. could someone please explain to me how its done
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Ivanhoe Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,800, direct labor $12,480, and manufacturing overhead $16,640. As of January 1, Job 49 had been completed at a cost of $93,600 and was part of finished goods inventory. There was a $15,600 balance in the Raw Materials Inventory account During the month of January, Ivanhoe Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $126,880 and $164,320, respectively. The following additional events occurred during the month. 1. 2. Purchased additional raw materials of $93,600 on account. Incurred factory labor costs of $72,800. Of this amount $16,640 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $17.680; indirect labor $20,800; depreciation expense on equipment $12,480, and various other manufacturing overhead costs on account $16,640, Assigned direct materials and direct labor to jobs as follows. 3. 4. Job No. Direct Materials Direct Labor $10,400 $5,200 50 51 40,560 26,000 52 31,200 20.800 Your answer is correct. Calculate the predetermined overhead rate for 2020, assuming Ivanhoe Company estimates total manufacturing overhead costs of $873,600, direct labor costs of $728,000, and direct labor hours of 20,800 for the year. Predetermined overhead rate 120 % 0.75 Account Titles and Explanation Debit Credit Raw Materials Inventory 93,600 Accounts Payable 93,600 Factory Labor 72.800 Factory Wages Payable 56,160 Employer Payroll Taxes Payable 16,640 Manufacturing Overhead 67,600 Raw Materials inventory 17,680 Factory Labor 20.800 Accumulated Depreciation Equipment 12.480 Accounts Payable 16,640 Prepare the journal entries to record the assignment of (1) direct materials, (2) direct labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Work in Process Inventory 82160 Raw Materials inventory 82160 - (2) Worlein Process inventory 52.000 Factory Labor 52.000 (3 ) (3) Work in Processtventory 22/100 Manufacturin Overhead 600 Turhalin Openjob cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post all costs to the job cost sheets as necessary Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg $ 20.800 $ 12480 $ 16.600 Jan. 20.400 5.200 20 31.200 $ 17.000 $ 22 880 Cost of completed job Direct materials $ TL 200 Direct labor 17 680 Manufacturing overhead 2000 Total cost 1.750 Jan. 40,560 $ 26.000 $ 31200 40.560 $ $ 26000 31200 Cost of completed job Direct materials 40.560 Direct labor 26.000 Manufacturing overhead 351200 Total cost 9780 Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. 31.200 201500 $ 90 Prepare the journal entry to record the completion of any job(s) during the month (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Finished Goods Inventory 169.520 Work in Process inventory 169.520 e Textbook and Media Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Accounts Receivable 291200 Sales Revenue 291,200 (To record sale of jobs) (2) (2) Cost of Goods Sold 165 360 165 360 Finished Goods Inventory What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of? Finished Goods Inventory

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