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Instructions: Prepare entries in a job order cost system and job cost sheets. M Manufacturing Company employs a job order cost accounting system and keeps
Instructions:
Prepare entries in a job order cost system and job cost sheets.
M Manufacturing Company employs a job order cost accounting system and keeps
perpetual inventory records. Beginning job balances are recorded on the job cost sheets.
The following transactions occurred in January
Assign direct materials and direct labor to jobs as follows.
Job No
Direct
Materials Direct Labor
Manufacturing overhead was applied to jobs using a predetermined overhead rate based on
on $ per direct labor hour. Hours worked are: Job ; Job ; Job
Actual manufacturing overhead costs incurred during the month amounted to $
Job and Job were completed during the month.
Instructions
a Prepare the journal entries to record the actual overhead costs that were paid in cash.
b Prepare the journal entries to record the assignment of direct materials, direct labor, and
manufacturing overhead costs to production.
c Total the job cost sheets for any jobs completed during the month. Prepare the journal
entry or entries to record the completion of any jobs during the month.
d What is the amount of over or underapplied overhead? Complete the journal entry.
Show your calculation
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