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SUPER COOL QUESTIONI! LOOK FOR SOMETHING LIKE THIS ON THE EXAMI Mitsy's Manufacturing Company accounts for jobs using a job order costing system. On April 1, They have a $4,200 balance in their Work in Process. This consists of two jobs: Job Number 534 beginning balance is $2,500 and Job Number 535 beginning balance is $1,700. During April, a summary of the Materials Requisition Slips and Labor Time Sheets gives the following information: Mitsy's Manufacturing applies manufacturing overhead to jobs at a overhead rate of 80% of direct labor costs. Job 535 is completed during the month. 3igsby Company's manager estimated 20XX's total direct labor cost assuming 100 persons working an average of 2,000 hours each it an average wage rate of $18 per hour. The manager also estimated the following manufacturing overhead costs for year 20X. At the end of 20XX, records show the company incurred $1,221,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 625,$708,000; Job 626,$660,000; Job 627,$350,000;Job628,$840,000; and Job 629,$368,000. In addition, Job 630 is in process at the end of 20XX and had been charged $25,000 for direct labor. No jobs were in process at the beginning of 20XX. The company's predetermined overhead rate is based on direct labor cost. In Class Problem - Chapter 2 On April 1", Grace's Printing has Work in Process inventory of \$2,700. Raw Materials inventory is $1,500 and Manufacturing Overhead has a $300 credit balance. Subsidiar? data for WIP on 4/1 includes: Write the journal entries that are required when: Accumulating cost entries: 1) Raw materials of $2,000 are purchased on account. 2) $1.200 is paid for repairs on factory equipment. 3) Factory rent of $1.000 is paid. 4) $4,700 is paid to factory employees for payroll. Assigning cost entries: 5) A review of materials requisition slips during April shows: 6) A review of time tickets during April shows: 7) Estimated manufacturing overhead for the year was $70,000 and overhead is applied based on direct labor dollars which were estimated at $100,000 for the year. Give the journal entry and note the predetermined overhead rate. Storage and Selling entries: 8) The print job for Jane Kelley is completed during April. 9) Jane Kelley's print job is sold on April 30th at cost plus 75%. Manufacturing Overhead Clearing Entry: 10) Pretend that it is year end and make the entry to clear manufacturing overhead