Page 1 of 1 Job Order Costing (Practice B) man Manufacturing Company uses a job order cost system. Degelman applies overhead to production on the basis of direct labor cost. man estimates total manufacturing overhead costs of $505,750, direct labor costs 395,000, and direct labor hours of 17,000 for the fiscal year ended January 31, 2020. on January 1, 2020. Job 50 was the only iob in process. The costs incurred prior to January 1 on Job 50 were as follows: direct materials, $17,000; direct labor, $10,200; and manufacturing overhead, $13,600. As of January 1, Job 49 had been completed at a cost of $76,500 and was part of finished goods inventory. There was a beginning balance of $12,800 in the Raw Materials Inventory account on January 1. uuring the month of January, Degelman began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold during the month. The following additional events occurred during the month: 1. Purchased additional raw materials of $76,500 on account. 2. Incurred factory labor costs of $59,500. 3. Incurred manufacturing overhead costs as follows: indirect materials $6,500; indirect labor $7,700; depreciation expense on equipment $4,600; and various other manufacturing overhead costs on account $6,100. 4. Assigned direct materials and direct labor to jobs as follows: Direct Job No. Materials Direct Labor 50 $ 8,500 $ 4,300 51 S 33,200 $ 21,300 52 $ 25,500 $ 17,000 Total $ 67,200 $ 42,600 osting (P nufacturing roduction imates tot and direct 1, 2020, 10! Job 50 w acturing Oy ry 1, Job ods inven a beginn y 1. e month d Jobs 5 wing ad ased ad Ted fact red ma $14,3 vufactu ( Begii Purcha Ind Indire Dee. other c Total Required: (a) Calculate the predetermined overhead rate for 2020. (b) Create and complete the job cost sheets for Jobs 50, 51, and 52. (c) Record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incurred during the month of January. (d) Record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). Post all costs to the job cost sheets as necessary. (e) Total the job cost sheets for any job(s) completed during the month. Record the completion of any job(s) during the month. (1) Record the sale of any job(s) during the month. (8) What is the balance in the Finished Goods Inventory account at the end of the month? Which job(s) does this balance consist of? (h) What is the amount of over- or under-applied overhead for the month of January