Mariya Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of direct materials used in production. Its predetermined overhead rate was based on a cost formula that estimated $265,050 of manufacturing overhead for an estimated allocation base of $171,000 direct material dollars. The following transactions took place during the year (all purchases and services were acquired on account) a. Raw materials purchased, $158,000. b. Raw materials requisitioned for use in production (all direct materials), $154,000. c. Utility bills incurred in the factory, $37,000. d. Costs for salaries and wages were incurred as follows: $ 249,000 $68,200 $156,000 Direct labor Indirect labor Selling and administrative salaries e. Maintenance costs incurred in the factory, $23,500. f. Advertising costs incurred, $141,000 g Depreciation recorded for the year, $56,000 (70% relates to factory assets, and the remainder relates to elling and administrative assets) h. Rental cost incurred on buildings, $98,000 (80% of the space is occupied by the factory, and 20% is occupied by sales and administration). Miscellaneouss selling and administrative costs incurred, $17,500 j. Manufacturing overhead cost was applied to jobs, $?. k. Cost of goods manufactured for the year, $610,000. Sales for the year (all on account) totaled $1,230,000. These goods cost $595,000 according to their job cost sheets The balances in the inventory accounts at the beginning of the year were as follows: Raw materials Work in process $36,000 $37,000 $47,000 Finished Goods Required: Prepare journal entries to record the above transactions. (If no entry is required for a 1 transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 7 1 2 3 4 5 6 8 13 Raw materials purchased, $158,000 Note: Enter debits before credits. Credit Transaction General Journal Debit a Record entry Clear entry View general journal 2. Post your entries to T-accounts. (Don't forget to enter the opening inventory balances above.) Determine the ending balances in the inventory accounts and in the Manufacturing Overhead account. Accounts Receivable Raw Materials Beg. Bal Beg. Bal End, Bal End. Bal. Finished Goods Work in Process Beg. Bal Beg. Bal End, Bal. End, Bal. Accounts Payable Manufacturing Overhead Beg. Bal Beg. Bal End. Bal. End. Bal. Accumulated Depreciation Depreciation Expense Beg. Bal Beg. Ba End. Bal. End. Bal. Salaries and Wages Payable Salaries Expense Beg. Bal Beg. Bal End. Bal. End. Bal. Miscellaneous Expense Advertising Expense Beg. Bal Beg. Bal End. Bal. End. Bal. Rent Expense Cost of Goods Sold Beg. Bal Beg. Bal End. Bal. End. Bal Sales Beg. Bal End. Bal. 3. Prepare a schedule of cost of goods manufactured. Mariya Company Schedule of Cost of Goods Manufactured Direct Materials: Total raw materials available Materials used in production Total manufacturing cost Cost of goods manufactured 4. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. Prepare a schedule of cost of goods sold. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet K 1 Record the entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold Note: Enter debits before credits. Transaction General Journal Debit Credit Clear entry Record entry View general journal Mariya Company Schedule of Cost of Goods Sold Schedule of Cost of Goods Sold: Adjusted cost of goods sold 5. Prepare an income statement for the year. Mariya Company Income Statement Selling and administrative expenses: 6. Job 521 was one of the many jobs started and completed during the year. The job required $5,200 in direct materials and 500 hours of direct labor time at a rate of $12 per hour. If the job contained 560 units and the company billed at 60% above the unit product cost on the job cost sheet, what price per unit would have been charged to the customer? (Round your answer to 2 decimal places.) Price charged for Job 521 per unit Mariya Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of direct materials used in production. Its predetermined overhead rate was based on a cost formula that estimated $265,050 of manufacturing overhead for an estimated allocation base of $171,000 direct material dollars. The following transactions took place during the year (all purchases and services were acquired on account) a. Raw materials purchased, $158,000. b. Raw materials requisitioned for use in production (all direct materials), $154,000. c. Utility bills incurred in the factory, $37,000. d. Costs for salaries and wages were incurred as follows: $ 249,000 $68,200 $156,000 Direct labor Indirect labor Selling and administrative salaries e. Maintenance costs incurred in the factory, $23,500. f. Advertising costs incurred, $141,000 g Depreciation recorded for the year, $56,000 (70% relates to factory assets, and the remainder relates to elling and administrative assets) h. Rental cost incurred on buildings, $98,000 (80% of the space is occupied by the factory, and 20% is occupied by sales and administration). Miscellaneouss selling and administrative costs incurred, $17,500 j. Manufacturing overhead cost was applied to jobs, $?. k. Cost of goods manufactured for the year, $610,000. Sales for the year (all on account) totaled $1,230,000. These goods cost $595,000 according to their job cost sheets The balances in the inventory accounts at the beginning of the year were as follows: Raw materials Work in process $36,000 $37,000 $47,000 Finished Goods Required: Prepare journal entries to record the above transactions. (If no entry is required for a 1 transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 7 1 2 3 4 5 6 8 13 Raw materials purchased, $158,000 Note: Enter debits before credits. Credit Transaction General Journal Debit a Record entry Clear entry View general journal 2. Post your entries to T-accounts. (Don't forget to enter the opening inventory balances above.) Determine the ending balances in the inventory accounts and in the Manufacturing Overhead account. Accounts Receivable Raw Materials Beg. Bal Beg. Bal End, Bal End. Bal. Finished Goods Work in Process Beg. Bal Beg. Bal End, Bal. End, Bal. Accounts Payable Manufacturing Overhead Beg. Bal Beg. Bal End. Bal. End. Bal. Accumulated Depreciation Depreciation Expense Beg. Bal Beg. Ba End. Bal. End. Bal. Salaries and Wages Payable Salaries Expense Beg. Bal Beg. Bal End. Bal. End. Bal. Miscellaneous Expense Advertising Expense Beg. Bal Beg. Bal End. Bal. End. Bal. Rent Expense Cost of Goods Sold Beg. Bal Beg. Bal End. Bal. End. Bal Sales Beg. Bal End. Bal. 3. Prepare a schedule of cost of goods manufactured. Mariya Company Schedule of Cost of Goods Manufactured Direct Materials: Total raw materials available Materials used in production Total manufacturing cost Cost of goods manufactured 4. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. Prepare a schedule of cost of goods sold. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet K 1 Record the entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold Note: Enter debits before credits. Transaction General Journal Debit Credit Clear entry Record entry View general journal Mariya Company Schedule of Cost of Goods Sold Schedule of Cost of Goods Sold: Adjusted cost of goods sold 5. Prepare an income statement for the year. Mariya Company Income Statement Selling and administrative expenses: 6. Job 521 was one of the many jobs started and completed during the year. The job required $5,200 in direct materials and 500 hours of direct labor time at a rate of $12 per hour. If the job contained 560 units and the company billed at 60% above the unit product cost on the job cost sheet, what price per unit would have been charged to the customer? (Round your answer to 2 decimal places.) Price charged for Job 521 per unit