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JOB ORDER COSTING PROBLEM 3 - Show any work! (34 points) The Managerial Group Company had the following activities take place during the month of January 2021. The Managerial Group is a capital intensive company. For 2021 estimated Manufacturing Overhead was $1,300,000, estimated direct labor costs were $2,100,000, and estimated machine hours were 25,000. During January the company used 2,013 machine hours (930 on Job #754 and 1,083 on Job #755) and $179,844 of direct labor ($71,938 on Job #754 and $107,906 on Job #755.) a) Production materials were purchased on account for $85,640. b) Raw materials were used in production, $79,500 direct (40% to Job #754 and the remainder to Job #755) and $9.540 indirect. c) Salaries and wages costs incurred totaled $256,920 and included: Direct labor cost $ 179,844 Indirect labor cost $ 52,850 Sales salaries $ 24,226 d) Factory utility costs incurred, $11,963. e) Factory building depreciation expense, $30,737. f) Apply Manufacturing Overhead to production for January. g Completed Job #755. h Shipped Job #755 and billed customer $550.900 on account. i) Shipping costs incurred to deliver the order were $995. i) Dispose of over- or under-applied factory overhead. REQUIRED: Record the transactions in the t-accounts provided. Use the letters to key your entries. Finished Goods Materials Inventory beg. 23,400 Work-in-Process 19.700 beg. Cost of Goods Sold Manufacturing Overhead Accounts Payable Page 5 Shipping costs incurred to deliver the order were $995. Dispose of over- or under-applied factory overhead. REQUIRED: Record the transactions in the t-accounts provided. Use the letters to key your entries. Finished Goods Materials Inventory beg. 23,400 Work-in-Process 19,700 beg. Cost of Goods Sold Manufacturing Overhead Accounts Payable Sales Salaries Expense Wages/Salaries Payable Accum. Deprec.-Bldg. Selling Expense JOB COST SHEET Job #754 beg. 11.260 JOB COST SHEET Job #755 beg. 8,440 Accounts Receivable Sales Revenue