Problem 15-01A a-h (Video) (Part Level Submission) Bonita Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,200, direct labor $12,720, and manufacturing overhead $16,960. As of January 1, Job 49 had been completed at a cost of $95,400 and was part of finished goods inventory. There was a $15,900 balance in the Raw Materials Inventory account. During the month of January, Bonita Company 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 $129,320 and $167,480, respectively. The following additional events occurred during the month. 1. 2. 3. Purchased additional raw materials of $95,400 on account. Incurred factory labor costs of $74,200. Of this amount $16,960 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $18,020; indirect labor $21,200; depreciation expense on equipment $12,720; and various other manufacturing overhead costs on account $16,960. Assigned direct materials and direct labor to jobs as follows. 4. Job No. Direct Materials Direct Labor 50 51 $10,600 41,340 31,800 $5,300 26,500 21,200 52 (a) Your answer is correct. Calculate the predetermined overhead rate for 2020, assuming Bonita Company estimates total manufacturing overhead costs of $890,400, direct labor costs of $742,000, and direct labor hours of 21,200 for the year. Predetermined overhead rate 120/% Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Attempts: 2 of 3 used (c) Your answer is partially correct. Try again. 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Raw Materials Inventory Accounts Payable (2) Factory Labor Employer Payroll Taxes Payable Factory Wages Payable (3) Manufacturing Overhead Raw Materials Inventory Factory Labor x Depreciation Expense Accounts Payable Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Attempts: 1 of 3 used