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: Raw Material Inventory $598,320 Work in Process Inventory 2,722,680 Cost of Goods Sold 8,755,200 On September 1, the three jobs in Work in Process Inventory had the following balances: Job # 75 $1,055,520 Job #78 479,880 Job # 82 1,187,280 The following transactions occurred during September: 09-01 Purchased $3,492,000 of raw material on account. 09-04 Issued $3,420,000 of raw material as follows: Job #75, $521,280; Job #78 $454,680; Job #82, $1,785,960; Job #86, $562,320; and indirect material, $95,760 09-15 Prepared and paid the $1,362,600 factory payroll for September 1-15. Analysis of this payroll showed the following information: Hours Dollars Job #75 17,388 $152,280 Job #78 47,376 480,960 Job #82 36,540 365,400 Job #86 18,504 199,440 Indirect labor wages 164,520 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: utilities, $71,280; rent, $127,080; and accounts payable (accrued in August), $354,240. 09-24 Purchased raw material on account, $1,123,200. 09-25 Issued $1,289,520 of direct material as follows: Job #78, $278,640; Job #82, $382,680; Job #86, $628,200; indirect material issued was $100,440. 09-30 Recorded additional factory overhead costs as follows: depreciation, $1,456,200; expired prepaid insurance, $297,720; and accrued taxes and licenses, $418,320. 09-30 Recorded and paid the factory payroll for September 16-30 of $1,285,920. Analysis of the payroll follows: Job #78 Job #82 Job #86 Indirect labor wages Hours Dollars 16,092 $319,320 24,570 411,120 17,964 438,480 117,000 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. Account Debit Credit 09-01 Raw Material Inventory = 3,492,000 0 Accounts Payable 0 3,492,000 To record raw materials purchased on account 09-04 Work in Process Inventory 3,324,240 0 Manufacturing Overhead = Raw Material Inventory 95,760 0 0 3,420,000 To record the direct materials issued 09-15 Work in Process Inventory 1,198,080 0 Manufacturing Overhead 164,520 0 Cash 0 1,362,600 To record labor costs 09-15 Work in Process Inventory 1,497,600 0 Manufacturing Overhead 0 1,497,600 To record applied overhead 09-15 Finished Goods Inventory 0 0 Work in Process Inventory To record completed jobs = 0 0 09-15 Accounts Receivable Sales 0 0 0 0 To record sales 09-15 Cost of Goods Sold = Finished Goods Inventory oo 0 0 0 0 To record the cost of sales 09-20 Manufacturing Overhead Accounts Payable = ooo 0 0 Cash = 0 ooo 0 0 0 To record miscellaneous payments 09-24 Raw Material Inventory = 0 0 Accounts Payable 0 0 To record purchase of raw materials 09-25 Work in Process Inventory Manufacturing Overhead = Raw Material Inventory ooo 0 0 0 ooo 0 0 0 To record the direct materials issued 09-30 Manufacturing Overhead Accumulated Depreciation Prepaid Insurance Taxes & Licenses Payable O O O O 0 0 0 0 0 0 0 0 oooo To record additional factory overhead 09-30 Work in Process Inventory Manufacturing Overhead 0 0 0 0 Cash 0 0 To record labor costs 09-30 Work in Process Inventory 0 0 Manufacturing Overhead 0 0 To record applied overhead b. Use T-accounts to post the information from the journal entries in (a) to the job cost subsidiary accounts and to general ledger accounts. 09/25 Job 75 Raw Material Inventory Work in Process Inventory Cost of Goods Sold Bal. 09/4 0 Bal. 09/15 0 Bal. 0 9/1 0 9/4 0 Job 75 0 Bal. DM 0 Completed 0 9/24 0 9/15 0 0 DL 0 0 9/15 0 0 OH 0 0 9/25 0 0 0 0 9/30 0 0 0 0 9/30 0 0 0 Bal. 0 Bal. 0 Bal. 0 Bal. 0 ICIC Job 78 Job 82 Bal. 0 Completed 0 Bal. 0 Completed 0 Job 86 DM 0 DM 0 DM 0 Completed 0 DL 0 DL 0 DL 0 OH 0 OH 0 OH 0 DM 0 DM 0 DM 0 DL 0 DL 0 DL 0 OH 0 OH 0 OH 0 Bal. 0 Bal. 0 Bal. 0 c. Reconcile the September 30 balances in the subsidiary ledger with the Work in Process Inventory account in the general ledger. Schedule of Job Cost Records September 30 Job #78 Job #82 Job #86 Total $ 0 0 0 $ 0 d. Determine the amount of underapplied or overapplied overhead for September. Note: Do not use a negative sign with your answer. $ 0 Please answer all parts of the question.