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What is the amount of over-or underapplied overhead? Manufacturing Overhead eTextbook and Media Assistance Used eTextbook 1 eTextbook 2 eTextbook 3 eTextbook 4 eTextbook 5 Video Sheridan Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On lanuary 1 . 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $18,400. direct labor $11,040, and manufacturing overhead $14.720. As of January 1, Job 49 had been completed at a cost of $82,800 and was part of finished goods inventory. There was a $13,800 balance in the Raw Materials inventory account on January 1. During the month of January, Sheridan Company began production on Jobs 51 and 52 , and completed Jobs 50 and 51 . Jobs 49 and 50 were sold on account during the month for $112.240 and $145.360, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $82,800 on account. 2. Incurred factory labor costs of $64,400. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $11.040; and various other manufacturing overhead costs on account $14,720. 4. Assigned direct materials and direct labor to jobs as follows. 5. Assigned indirect materials of $15,640 and indirect labor of $18,400. (a) Your answer is correct. Calculate the predetermined overhead rate for 2022, assuming Sheridan Company estimates total manufacturing overhead costs of $772,800, direct labor costs of $644,000, and direct labor hours of 18,400 for the year. Predetermined overhead rate \% Your answer is correct. Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Your answer is correct. Open job 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. Your answer is correct. Open job 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. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Date Direct Materials Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 \begin{tabular}{llll} Date & Direct Materials & Direct Labor & Manufacturing Overhead \\ Jan. $27600 & $18400 & $ \\ \hline \end{tabular} Prepare the journal entry to record the completion of any job(s) during the month. (tist all debit entries before credit entries: Credit account titles are automatically indented when amount is entered. Do not indent manuolly.) Your answer is correct. Prepare the journal entry to record the completion of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entries to record the sale of any job(s) during the month. (list all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) What is the balance in the Finished Goods Inventory account at the end of the month? (Hint: Use a T.account for Finished Goods inventory.) What does this balance consist of? Finished Goods inventory What is the amount of over-or underapplied overhead? Sheridan Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1 . 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $18,400, direct labor $11,040, and manufacturing overhead $14,720. As of January 1 , Job 49 had been completed at a cost of $82,800 and was part of finished goods inventory. There was a $13,800 balance in the Raw Materials Inventoryaccount on January 1. During the month of January, Sheridan Company began production on Jobs 51 and 52 , and completed Jobs 50 and 51 . Jobs 49 and 50 were soid on account during the month for $112,240 and $145,360, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $82,800 on account. 2. Incurred factory labor costs of $64,400. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $11,040; and various other manufacturing overhead costs on account $14,720. 4. Assigned direct materials and direct labor to jobs as follows. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $11,040; and various other manufacturing overhead costs on account $14,720. 4. Assigned direct materials and direct labor to jobs as follows. 5. Assignedindirect materials of $15,640 and indirect labor of $18,400. (a) at $772, goo, dirset laber costs of 5044000 and direct tatior herirs of 10.400 for the whe Calculate the predetermined overhead rate for 2022 , assuming Sheridan Company estimates total manufacturing overhead cosi of $772,800, direct labor costs of $644,000, and direct labor hours of 18,400 for the year. Predetermined overhead rate % eTextbook and Media List of Accounts Attempts: unlimited Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January (L.ist all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Prepare the journal entries to record the assignment of (1) raw materials. (22) factory fabor and i3) mumutacturing ovechued cast to production. In assiening manutacturing overhead costs, use the overthead rate calculated in fal. (Liat alf dehit entries before credit entries. Credit account titles are autamotically indented when amount ir entered Do nof indeat manually. Prepare the journal entries to record the assigmment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production, In assigning manufacturing overhead costs, use the overhead rate calculated in (a), (List all debit entries before credit entries. Credit account titles are autematically indented when amount is entered. Do not indent manusily.) Qpen job cost sheets for Jobs 50,51, and 52 . Enter the lanuary 1 balances an the job cost sheet for Job 50 . Fost all costs fo the kib cost stueets as necessary. Your answer is correct. Open job cost sheets for Jobs 50,51, and 52. Enter the January 1 balances on the job cost sheet for fob 50 . Post all costs to the job cost sheets as necessary, Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Cast of completed jobts Direct materials Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost eTextbook and Media Solution List of Accounts Atterupos unlimited Prepare the journal entry to record the completion of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Your answer is correct. Prepare the journal entries to record the sale of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) What is the balance in the Finished Goods Inventory account at the end of the month? (Hint: Use a T-account for Finished Goods Inventory.) What does this balance consist of? Finished Goods Inventory eTextbook and Media Assistance Used What is the amount of over-or underapplied overhead