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please solve the entire problem in a clear manner thank you so much! (mostly the blank fields) Wildhorse Company uses a job order cost system
please solve the entire problem in a clear manner thank you so much! (mostly the blank fields)
Wildhorse 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 $26,000. direct labor $15,600, and manufacturing overhead $20,800. As of January 1, Job 49 had been completed at a cost of $117,000 and was part of finished goods inventory. There was a $19,500 balance in the Raw Materials inventory account on January 1. During the month of January. Wildhorse 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 $158,600 and $205,400, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $117,000 on account. 2. Incurred factory labor costs of $91,000. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $15,600 : and various other manufacturing overhead costs on account $20,800. 4. Assigned direct materials and direct labor to jobs as follows. 5. Assigned indirect materials of $22,100 and indirect labor of $26,000 Calculate the predetermined overhead rate for 2022 , assuming Wildhorse Company estimates total manufacturing overhead costs of $1.092,000, direct labor costs of $910,000 and direet labor hours of 26,000 for the year. Calculate the predetermined overhead rate for 2022 , assuming Wildhorse Company estimates total manufacturing overhead costs of $1,092,000, direct labor costs of $910,000, and direct labor hours of 26,000 for the year. Predetermined overhead rate % eTextbook and Media List of Accounts Prepare the journal entries to record (1) the purchase of raw materiais, (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (Ust all debit entries before credit entries, Credit occount titles are outomotically indented when amount is entered, Do not indent manuolly.) 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.) 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. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Prepare the journal entry to record the completion of any job(s) during the month. (List all debit entries before credit entries. Credit occount titles are outomaticolly indented when amount is entered. Do not indent manually). aTexthnnkandikaris Prepare the journal entries to record the sale of any job/s) during the manth. (Uist all debit entries before credit entries Credit occount tities are dutomatically indented when amount is entered. Do not indent manuallyd What is the balance in the Finished Goods Inventory account at the end of the month? (Hint: Use a T-account for Finished Goods Inventory) What does this balance consist of? Finished Goods Inventory List of Accounts What is the amount of over-or underapplied overhead? Manufacturing Overhead Step by Step Solution
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