Journal entries; assigning costs to jobs; cost accumulation lalani Corp. uses a job order costing system for the yachts it constructs. On September 1, the company had the following account balances: On September 1, the three jobs in Work in Process Irventory had the following balances: The following transactions occurred during September: 09-01 Purchased $2,328,000 of raw material on account. 09-15. Prepared and paid the $908,400 factory payroll for September 1-15. Analysis of this payroll showed the following information: 09-15 On each payroll date, lalani Corp. applies manufacturing overhead to jobs at a rate of $12.50 per direct labor hour. 09.15 Job $75 was completed, accepted by the customer, and billed at a selling price of cost plus 30 percent, Selling prices are rounded to the nearest whole dollar. 09-20 Paid the following monthly factory bills: uthities, $47,520; rent, $84,720; and accounts payable (accrued in August), $236,160. 09-24 Purchased raw material on account, $748,800. 0925 issued $859,680 of direct material as follows: job #78,$185,760; job $82,$255,120;j0b$86,$418,800; indirect material issued was $66,960. 09-30 Recorded additional factory overhead costs as follows: depreciation, $970,800; expired prepaid insurance, $198,480; and accrued taxes and licenses, $278,880. 09-30 Recorded and paid the factory payroll for September 1630 of $857,280. Analysis of the payroll follows: 09-30 Applied overhead for the second half of the month to jobs. a. Journalize the September transactions. Note: Record any multiple debits or any multiple credits in alphabetical order by account name: \begin{tabular}{|c|c|c|c|c|c|} \hline & Raw Material Inventory & ^ & & 0 & 2,280,000 \\ \hline & To record the direct materials issued & & & & \\ \hline \multirow[t]{4}{*}{0915} & Work in Process Inventory & ^ & x & 798,720 & 0 \\ \hline & Manufacturing Overhead & ^ & x & 109,680 & 0 \\ \hline & Cash & & & 0 & 908,400 \\ \hline & To record labor costs & & & & \\ \hline \multirow[t]{3}{*}{0915} & Work in Process Inventory & ^ & & 998,400 & 0 \\ \hline & Manufacturing Overhead & & & 0 & 998,400 \\ \hline & To record applied overhead & & & & \\ \hline \multirow[t]{3}{*}{0915} & Finished Goods Inventory & & & 1,297,620 & 0 \\ \hline & Work in Process Inventory & & & 0 & 1,297,620 \\ \hline & To record completed jobs & & & & \\ \hline \multirow[t]{3}{*}{0915} & Accounts Receivable & & & 1,686,906 & 0 \\ \hline & Sales & & & 0 & 1,686,906 \\ \hline & To record sales & & & & \\ \hline \multirow[t]{3}{*}{0915} & Cost of Goods Sold & & & 1,297,620 & 0 \\ \hline & Finished Goods Inventory & ^ & & 0 & 1,297,620 \\ \hline & To record the cost of sales & & & & \\ \hline \multirow[t]{4}{*}{0920} & Manufacturing Overhead & & x & 132,240 & 0 \\ \hline & Accounts Payable & ^ & x & 236,160 & 0 \\ \hline & Cash & & & 0 & 368,400 \\ \hline & To record miscellaneous payments & & & & \\ \hline \multirow[t]{3}{*}{0924} & Raw Material Inventory & & & 748,800 & 0 \\ \hline & Accounts Payable & ^ & & 0 & 748,800 \\ \hline & To record purchase of raw materials & & & & 3 \\ \hline \multirow[t]{3}{*}{0925} & Work in Process Inventory & & x & 859,680 & 0 \\ \hline & Manufacturing Overhead & ^ & x & 66,960 & 0 \\ \hline & Raw Material Inventory & & & 0 & 926,640 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline & Cash & v^ & & 0 & 368,400 \\ \hline & To record miscellaneous payments & & & & \\ \hline \multirow[t]{3}{*}{0924} & Raw Material Inventory & ^ & & 748,800 & 0 \\ \hline & Accounts Payable & ^ & & 0 & 748,800 \\ \hline & To record purchase of raw materials & & & & \\ \hline \multirow[t]{4}{*}{0925} & Work in Process Inventory & ^ & x & 859,680x & 0 \\ \hline & Manufacturing Overhead & & x & 66,960 & 0 \\ \hline & Raw Material Inventory & ^ & & 0 & 926,640 \\ \hline & To record the direct materials issued & & & & \\ \hline \multirow[t]{5}{*}{0930} & Manufacturing Overhead & & & 1,448,160 & 0 \\ \hline & Accumulated Depreciation & ^ & & 0 & 970,800 \\ \hline & Prepaid Insurance & ^ & & 0 & 198,480 \\ \hline & Taxes \& Licenses Payable & & & 0 & 278,880 \\ \hline & To record additional factory overhead & & & & \\ \hline \multirow[t]{4}{*}{0930} & Work in Process Inventory & ^ & x & 779,280 & 0 \\ \hline & Manufacturing Overhead & ^ & x & 78,000 & 0 \\ \hline & Cash & ^ & & 0 & 857,280 \\ \hline & To record labor costs & & & & \\ \hline \multirow[t]{3}{*}{0930} & Work in Process Inventory & & & 488,550 & 0 \\ \hline & Manufacturing Overhead & & & 0 & 488,550 \\ \hline & To record applied overhead & & & & \\ \hline \end{tabular} b. Use T-accounts to post the informstion from the journal entries in (s) to the job cost subsidiary accounts and to general ledger accounts. d. Determine the amount of underapplied or overapplied overhead for September. Note: Do not use a negative sign with your