need this part answered

need 7-13

ACC 212 Challenge #2 7) At the end of the period, in which account is the product cost for the following: ob 136 Job 137 Job 138 8) Compute the balance of the Work in Process and Factory Overhead accounts: Work in Process Factory Overhead LIPPIIN 9) Prepare the journal entry to close the Factory Overhead account: Account Titles and Explanation Debit Credit 10) Was the factory overhead overapplied or underapplied? 11) What was the amount that factory overhead was overapplied or underapplied? 12) What effect will closing factory overhead (#8) have on total gross profit? 13) Which internal document can you use to verify the ending balance in the WIP account is correct? ACC 212 Name Challenge 32 JOB ORDER COST ACCOUNTING 1) The facory overhead activity base for this company is based on direct labor costs. For the surrent year the estimates are as follows: Estimated total factory overhead - $ 1,305,000 Estimated total direct labor costs $ 870,000 What is the predetermined factory overhead rate? 2) Prepare the journal entries for the activity of a manufacturing company as presented below. Please include explanations, you may omit the dates. a. Bought raw materials inventory on account: $872,500 Account Titles and Explanation Debit Credit b. Materials requisitioned during the month: $ $ $ 230,075 90,200 174.300 Job 136 Job 137 Job 138 Total direct materials Indirect materials Total materials used 494,575 24,300 518,875 $ Account Titles and Explanation Debit Credit Total dollar amount of time tickets for the month: Job 136 Job 137 Job 138 Total direct labor Indirect labor Total factory labor 18,250 22,500 30,000 $ $ $ 70,750 56,000 126,750 Account Titles and Explanation Debit Credit ACC 212 Challenge 2 ACC 212 Challenge #2 Name d. Incurred the following overhead costs during the month: Depreciation on factory building Prepaid factory insurance expired Accrued property taxes Paid cash to computer consultant to reprogram factory equipment Total overhead costs $ $ 5,500 7,875 5,750 6.250 $ 25,375 Account Titles and Explanation Debit e. Applied overhead to jobs using the predetermined overhead rate as calculated above: Account Titles and Explanation Debit 3) Prepare the job cost sheet for each job: Job #137 Job #136 Materials Labor Overhead Total Cost Materials Labor Overhead Total Cost Job #138 Materials Labor Overhead 1 Total Cost 4) Prepare the journal entry to transfer completed Jobs 136 & 138: Account Titles and Explanation Debit Credit $395.000 5) Prepare the journal entry to record the sale of Job 136 on account for Debit Credit Account Titles and Explanation 6) What is the gross profit from Job 136? ACC 212 Challenge 12 Name 7) At the end of the period, in which account is the product cost for the following: Job 136 Job 137 Job 138 8) Compute the balance of the Work in Process and Factory Overhead accounts: Work in Process Factory Overhead 9) Prepare the journal entry to close the Factory Overhead account: Account Titles and Explanation Debit Credit 10) Was the factory overhead overapplied or underapplied? 11) What was the amount that factory overhead was overapplied or underapplied? 12) What effect will closing factory overhead (#8) have on total gross profit? 13) Which internal document can you use to verify the ending balance in the WIP account is correct? ACC 212 Challenge #2 7) At the end of the period, in which account is the product cost for the following: ob 136 Job 137 Job 138 8) Compute the balance of the Work in Process and Factory Overhead accounts: Work in Process Factory Overhead LIPPIIN 9) Prepare the journal entry to close the Factory Overhead account: Account Titles and Explanation Debit Credit 10) Was the factory overhead overapplied or underapplied? 11) What was the amount that factory overhead was overapplied or underapplied? 12) What effect will closing factory overhead (#8) have on total gross profit? 13) Which internal document can you use to verify the ending balance in the WIP account is correct? ACC 212 Name Challenge 32 JOB ORDER COST ACCOUNTING 1) The facory overhead activity base for this company is based on direct labor costs. For the surrent year the estimates are as follows: Estimated total factory overhead - $ 1,305,000 Estimated total direct labor costs $ 870,000 What is the predetermined factory overhead rate? 2) Prepare the journal entries for the activity of a manufacturing company as presented below. Please include explanations, you may omit the dates. a. Bought raw materials inventory on account: $872,500 Account Titles and Explanation Debit Credit b. Materials requisitioned during the month: $ $ $ 230,075 90,200 174.300 Job 136 Job 137 Job 138 Total direct materials Indirect materials Total materials used 494,575 24,300 518,875 $ Account Titles and Explanation Debit Credit Total dollar amount of time tickets for the month: Job 136 Job 137 Job 138 Total direct labor Indirect labor Total factory labor 18,250 22,500 30,000 $ $ $ 70,750 56,000 126,750 Account Titles and Explanation Debit Credit ACC 212 Challenge 2 ACC 212 Challenge #2 Name d. Incurred the following overhead costs during the month: Depreciation on factory building Prepaid factory insurance expired Accrued property taxes Paid cash to computer consultant to reprogram factory equipment Total overhead costs $ $ 5,500 7,875 5,750 6.250 $ 25,375 Account Titles and Explanation Debit e. Applied overhead to jobs using the predetermined overhead rate as calculated above: Account Titles and Explanation Debit 3) Prepare the job cost sheet for each job: Job #137 Job #136 Materials Labor Overhead Total Cost Materials Labor Overhead Total Cost Job #138 Materials Labor Overhead 1 Total Cost 4) Prepare the journal entry to transfer completed Jobs 136 & 138: Account Titles and Explanation Debit Credit $395.000 5) Prepare the journal entry to record the sale of Job 136 on account for Debit Credit Account Titles and Explanation 6) What is the gross profit from Job 136? ACC 212 Challenge 12 Name 7) At the end of the period, in which account is the product cost for the following: Job 136 Job 137 Job 138 8) Compute the balance of the Work in Process and Factory Overhead accounts: Work in Process Factory Overhead 9) Prepare the journal entry to close the Factory Overhead account: Account Titles and Explanation Debit Credit 10) Was the factory overhead overapplied or underapplied? 11) What was the amount that factory overhead was overapplied or underapplied? 12) What effect will closing factory overhead (#8) have on total gross profit? 13) Which internal document can you use to verify the ending balance in the WIP account is correct