Make sure to solve everything completely and explain how it is done. Make sure to include the complete answers in the format of the attached images. Please have print if handwriting, typed also works but should be formatted properly. Make sure to completely answer the questions Problem 1 - Requirment A) Objective: To use the documents and calculations of a job order costing system.

Preparing:

• You will be completing an exercise for Bailey Jones (attached below).
• This assignment addresses topics we covered in Topic 4.1 -4.2 of the textbook and lecture. So feel free to refer back to the book and lecture videosotes as needed.

Check Figures:

Let's make sure you are on the right track!

• You should get a total Direct Materials of $2,450.
• You should get a total Job Cost of $6,410

Bailey Jones:

Problem 1 - Requirment B)

Objective: To use prepare entries and calculations for a manufacturer using a job order costing system.

Preparing:

• You will be completing an exercise for Pinkie Pie Toys (attached below).
• Have your class examples of The Stacey Company from class handy to help you.
• This assignment addresses topics we covered in Topics 4.1 -4.3 of the textbook and lecture. So feel free to refer back to the book and lecture videosotes as needed.

Check Figures:

Let's make sure you are on the right track!

• For journal entry 5 you should have a debit to WIP of $160,320 credit to MOH of $165,380.
• For requirement (c) you should have an ending Raw Materials Balance of $28,530; Work in Process Balance of $66,313 and Finished Goods Balance of $0
• For requirement (d) the MOH account has an unadjusted (dr) balance of $6,879 before the adjusting entry is prepared. This means the MOH costs were under-applied for the period.
• For requirement (e) the job cost sheet for Celestia should be $66,313; for Luna $90,254

Pinkie Pie Toys:

Preparing a Job Cost Sheet -Exercise Wright Boats has received Bailey Jones' order for a custom rowboat. The following information is from the materials requisitions and time tickets for Bailey's job (Job 9). The requisitions are identified by starting with the letter Q and the time tickets start with W. The company estimates overhead costs to be $140,000 for the year and estimates direct labor costs will be $100,000. Prepare a job cost record for Job 9 at July 10. \begin{tabular}{|l|l|l|} \hline Date & Document & Amount \\ \hline Jul. 1 & Q-4698 & $1,350 \\ \hline Jul. 1 & W-3393 & 700 \\ \hline Jul. 5 & Q-4725 & 1,100 \\ \hline Jul. 5 & W-3479 & 550 \\ \hline Jul. 10 & W-3559 & 400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Job Cost Sheet } \\ \hline Job No. & & & & \multirow[t]{3}{*}{ Date } & \\ \hline Job Name & & & & & \\ \hline Description & & & & & \\ \hline \multicolumn{2}{|c|}{ Direct Materials } & \multicolumn{2}{|c|}{ Direct Labor } & \multicolumn{2}{|c|}{ Manufacturing Overhead } \\ \hline Material & Direct Materials & Time & Direct & Estimated & Manufacturing \\ \hline Req. No. & Cost & Ticket & Labor Cost & Overhead Rate & Overhead Cost \\ \hline \multicolumn{6}{|c|}{ Cost of completed job } \\ \hline \multicolumn{2}{|c|}{ Direct materials } & & & \multirow[t]{2}{*}{$} & \\ \hline \multicolumn{5}{|c|}{ Direct labor } & \\ \hline \multicolumn{4}{|c|}{ Manufacturing overhead } & & \\ \hline \multicolumn{4}{|l|}{ Total cost } & $ & \\ \hline \end{tabular} Chapter 4 Preparing entries for manufacturing costs Pinkie Pie Toys, creates custom pony themed toys for its customers and uses a job order cost system to record its costs. The following data summarizes the operations related to the first quarter's production. 1.) Raw materials purchased on account amounted to $193,910, 2.) Wage expense for laborers was $91,540 with $11,540 relating to payroll taxes. 3.) Manufacturing overhead costs incurred on account $52,200. Depreciation on manufacturing equipment amounted to $16,900. 4.) Depreciation on office building was $15,000. 5.) Materials requisitions and time tickets showed the below amounts: 6.) Overhead costs are assigned to jobs based on direct labor costs. The company estimates overhead costs for the year to be $90,000, direct labor costs to be $100,000, and direct labor hours to be 105,000 . 7.) The client jobs completed during the quarter were Twilight, R. Dash, and Luna. 8.) The completed jobs were sold for $303,000 on account. Requirements: a. Prepare the journal entries to accumulate the manufacturing costs. b. Prepare the journal entries to assign the manufacturing costs. c. Post to manufacturing accounts. d. Did the company have an ending balance in their manufacturing overhead account? Does this mean their overhead costs to their jobs were under or over applied? What is done with this balance? Prepare the necessary journal entry. e. Prepare job costs sheets for all clients and make sure that the work-inprocess total agrees to the sum of the remaining in-process jobs. f. How much gross profit did the company made for the first quarter