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*Problem 3.31Aa-f, 91, h Bertrand Manufacturing uses a joborder cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,400, direct labour $15,000, and manufacturing overhead $21,000. As of January 1, Job No. 49 had been completed at a cost of $120,900 and was part of finished goods inventory. There was a $25,200 balance in the Raw Materials Inventory account. During the month of January, Bertrand Manufacturing began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $152,100 and $198,100, respectively. The following additional events occurred during the month: 1. Bertrand purchased additional raw materials of $108,000 on aocount. 2. It incurred factory labour costs of $75,700. Of this amount, $18,000 related to employer payroll taxes. 3. It incurred manufacturing overhead costs as follows: indirect materials $18,000, indirect labour $17,500, depreciation expense $14,300, and various other manufacturing overhead costs on aocount $22,300. 4. It assigned direct materials and direct labour to jobs as follows: 50 $12,100 $7,200 51 42,800 28,400 52 35,200 22,000 Calculate the predetermined overhead rate for 2020, assuming Bertrand Manufacturing estimates total manufacturing overhead costs of $1,553,535, direct labour costs of $750,500, and direct labour hours of 20,400 for the year. Overhead rate "/0 Enter the January 1 balances on the job cost sheet for Job No. 50. Job Cost Sheets Beg. $ $ $ Prepare the journal entries to record the purchase of raw materials, the factory labour costs incurred, and the manufacturing overhead costs incurred during the month of January. ( Credit aocount titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Exp nation llll|llll H I} ll |l Ull lllllllIUl ($98,000 + $126,000) (f) Cost of Goods Sold... 218,000 Finished Goods Inventory. 218,000 ($120,000 + $98,000) Accounts Receivable ......... 350,000 Sales ........ 350,000 ($152,000 + $198,000) (g) Finished Goods Inventory Beginning balance 120,000 218,000 Cost of jobs 49 and 50 sold Cost of completed jobs 50 and 51 224,000 Ending balance 126,000 The balance in this account consists of the cost of completed Job No. 51 which has not yet been sold. (h) Manufacturing Overhead Actual Applied 71,000 114,000 43,000 The balance indicates that manufacturing overhead was over- applied by $43,000.Prepare the journal entries to record the assignment of direct materials, direct labour, and manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in part (a). (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation (To record direct materials assigned to jobs 50, 51 and 52) % (To record direct labour assigned to jobs 50, 51 and 52) :2 (To record manufacturing overhead assigned to jobs 50, 51 and 52) Post all costs to the job cost sheets as necessary. Job Cost Sheets Jan. $ $ $ Jan. $ $l$ $=l $=]$=] Total the job cost sheets for any job(s) completed during the month. (b) and (e) Job Cost Sheets Job No. 50 Date Direct Materials Direct Manufacturing Overhead Labour Beg. $30,000 $15,000 $20,000 Jan. 12,000 7,000 14,000* MM M Cost of completed job Direct materials ............................................................. $42,000 Direct labour .................................................................. 22,000 Manufacturing overhead ............................................... 3 , Total cost ............................................................................... ' *$7,000 X 200% Job No.51 Date Direct Materials Direct Manufacturing Overhead Labour Jan. 542,000 528,000 556,000\" M M M Cost of completed job Direct materials .............................................................. $ 42,000 Direct labour ................................................................... 28,000 Manufacturing overhead ................................................ 56,000 Total cost ................................................................................ ' \"$28,000 at 200% Job No.52 Date Direct Materials Direct Jan. ***$22,000 x 200% Finished Goods Inventory ...................................... 224,000 Work in Process Inventory .............................. 224,000 (a) (b) (0) (d) (e) PROBLEM 3.31A $1,500,000 + $750,000 direct labour costs = 200% of direct labour costs See solution to part (e) forjob cost sheets. Raw Materials Inventory ............................................ 100,000 Accounts Payable ............................................... 100,000 Factory Labour ........................................................... 75,000 Factory Wages Payable ...................................... 57,000 Employer Payroll Taxes Payable ....................... 18,000 Manufacturing Overhead ........................................... 71,000 Accounts Payable ............................................... 22,000 Accumulated Depreciation ................................. 14,000 Raw Materials Inventory ..................................... 18,000 Factory Labour ................................................... 17,000 Work in Process Inventory ........................................ 89,000 Raw Materials Inventory ..................................... 89,000 ($12,000 + $42,000 + $35,000) Work in Process Inventory ........................................ 57,000 Factory Labour ................................................... 57,000 ($7,000 + $28,000 + $22,000) Work in Process Inventory ........................................ 114,000 Manufacturing Overhead .................................... 114,000 ($57,000 x 200% of direct labour costs) See next page for postings to job cost sheets. Job Cost Sheets Beg. $30,400 $15,000 $21,000 Jan. 12,100 7,200 14,904 $42,500 $22,200 $35,904 Cost of completed job Direct materials $ E Direct labour :] :l E Manufacturing overhead Total cost $ Jan. $42,800 $28,400 $58,788 $42,800 $28,400 $58,788 Cost of completed job D\" 5 materials $ Direct labour Manufacturing overhead :1 Total cost $ ' Prepare the journal entry to record the completion of any job(s) during the month. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation #0:: #3:: Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation HE: :E: (To record cost of goods sold of Jobs 49 and 50) LEEE (To record sale of Jobs 49 and 50) Calculate the balance in the Finished Goods Inventory account at the end of the month. Finished Goods Inventory Elsi Calculate the amount of under- or over-applied overhead