Pharoah Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $22,400, direct labor $13,440, and manufacturing overhead $17,920. As of January 1, Job 49 had been completed at a cost of $100,800 and was part of finished goods inventory. There was a $16,800 balance in the Raw Materials Inventory account on January 1. During the month of January, Pharoah Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $136,640 and $176,960, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $100,800 on account. 2. Incurred factory labor costs of $78,400. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $13,440; and various other manufacturing overhead costs on account $17,920. 4. Assigned direct materials and direct labor to jobs as follows. 5. Job No. Direct Materials Direct Labor 88 50 $11,200 $5,600 51 43,680 28,000 521 33,600 22,400 Assigned indirect materials of $19,040 and indirect labor of $22,400. (a) Calculate the predetermined overhead rate for 2022, assuming Pharoah Company estimates total manufacturing overhead costs of $940,800, direct labor costs of $784,000, and direct labor hours of 22,400 for the year. Predetermined overhead rate eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (c) Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (d1) Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (1) Debit Credit (2) (3) eTextbook and Media List of Accounts (b) & (d2) Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post all costs to the job cost sheets as necessary. Job No. 50 Date Beg Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Direct Materials Direct Labor Manufacturing Overhead $ $ Job No. 51 Date Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Direct Materials Direct Labor Manufacturing Overhead Job No. 52 Date Direct Materials. Direct Labor Manufacturing Overhead Jan. $ $ eTextbook and Media List of Accounts: Attempts: 0 of 2 used Submit Answer (e) Prepare the journal entry to record the completion of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts: Save for Later Attempts: 0 of 2 used Submit Answer (f) Prepare the journal entries to record the sale of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (1) (2) (To record sale of jobs) (To record cost of jobs) eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 2 used Submit Answer (g) What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of? Finished Goods Inventory $ eTextbook and Media List of Accounts Save for Later (b). What is the amount of over- or underapplied overhead? Manufacturing Overhead $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer Attempts: 0 of 2 used Submit Answer Pharoah Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $22,400, direct labor $13,440, and manufacturing overhead $17,920. As of January 1, Job 49 had been completed at a cost of $100,800 and was part of finished goods inventory. There was a $16,800 balance in the Raw Materials Inventory account on January 1. During the month of January, Pharoah Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $136,640 and $176,960, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $100,800 on account. 2. Incurred factory labor costs of $78,400. 3. 4. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $13,440; and various other manufacturing overhead costs on account $17,920. Assigned direct materials and direct labor to jobs as follows. 5. Job No. Direct Materials Direct Labor 50 $11,200 $5,600 51 43,680 28,000 52 33,600 22,400 Assigned indirect materials of $19,040 and indirect labor of $22,400. (a) Calculate the predetermined overhead rate for 2022, assuming Pharoah Company estimates total manufacturing overhead costs of $940,800, direct labor costs of $784,000, and direct labor hours of 22,400 for the year. Predetermined overhead rate % eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (c) Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not Indent manually) No. Account Titles and Explanation. Debit Credit (1) 22 (3) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used. Submit Answer Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not Indent manually.) No. Account Titles and Explanation (1) Debit Credit (2) (3) eTexthook and Media (e) Prepare the journal entry to record the completion of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 2 used Submit Answer (f) Prepare the journal entries to record the sale of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (To record sale of jobs) (To record cost of jobs) (g) What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of? Finished Goods Inventory eTextbook and Media List of Accounts Save for Later (b) What is the amount of over- or underapplied overhead? Manufacturing Overhead $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer Attempts: 0 of 2 used Submit