Problem 20-01A a, c, d1, b, d2, e-h (Part Level Submission) (Video) Wildhorse 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 $22,200, direct labor $13,320, and manufacturing overhead $17,760. As of anuary 1, Job 49 had been completed at a cost of $99,900 and was part of finished goods inventory. There was a $16,650 balance in the Raw Materials Inventory account. During the month of January, Wildhorse Company beg month for $135,420 and $175,380, respectively. The follewing additional events occurred during the month. n on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account duning the 1. Purchased additional raw materials of $99,900 on account 2. Incurred factory labor costs of $77,700. Of this amount $17,760 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials $18,870; indirect labor $22,200; depreciation expense on equipment $13,320; and various other manufacturing overhead costs on account $17,760. 4. Assigned direct materials and direct labor to jobs as follows Job No. Direct Materials Direct Laber 50 51 52 $11,100 43,290 33,300 5,550 27,750 22,200 Your answer is correct Calculate the predetermined everhead rate for 2020, assuming widhorse Company estimates total manufacturing overhead costs of $932,400, direct laber costs or $777,000, and direct labor hours of 22,200 for the year. Predetermined overhead rate Click if you would like to Show Work for this questions Open Show Work Your answer is correct. 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 Raw Materials Inventory Accounts Payable Debit Credit (1) 99,900 (2) Factory Labor Factory Wages Payable 59, Parel Tases Parable$12,760 Employer Payroll Taxes Payable (3) Manufacturing Overhead 72,150 Raw Materials Inventory 18,870 Accumusired Deprecation teert13,320 22,200 Factory Labor 17,760 Accounts Payable Your answer is correct. Prepare the journal entries to record the assignment of (1) direct materials, (2) direct labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (Credit account titles are automatically Indented when amount is entered. Do not ind manually.) No. Account Titles and Explanation (1) Work in Process Inventory Debit Credit 87,690 Raw Materials Inventory 87,690 Work in Process Inventory 55,500 Factory Labor 55,500 (3) Work in Process Inventory 66,600 66,600 if you would like to Show Work for this questions this Question Assistance, vou will learn while you earn points based on the Point Potential Policy set by your 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 Direct Materials Direct Labor Manufacturing Overhead 17,760 6,660 Beg. 22,200 13,320 an. 11,100 5,550 33,300 18,870 24,42 Cost of completed job Direct materiais 33,300 18,870 24,420 Direct labor Manufacturing overhead Total cost 76,590 Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead 27,7 33,3 an 43,290 33, ob No. 51 Date Jan. Direct Materials Direct Labor Manufacturing Overhead 43,290 27,750 33,300 43,290 27,750 33,300 Cost of completed job Direct materials 43,290 Direct labor 27,750 33,300 104,340 Manufacturing overhead Total cost ob No. 52 Date Direct Materials Jan. Direct Labor Manufacturing Overhead 33,300 22,200 26,640 Click if you would like to Show Work for this question: Open Show W Your answer is correct. pare the journal entry to record the completion of any job(s) during the month. (Credit account titles are automatically h indent manually.) count Titles and Explanation inished Goods Inventory Debit Credit 180,930 Work in Process Inventory 180,930 lick If you would like to Show Work for this question: Open Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructo Attempts: 1 of (f) Your answer is correct. Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented w indent manually.) No. Account Titles and Explanation (1) Accounts Receivable Debit Credit 310,800 Sales Revenue 310,800 CALC No. Account Titles and Explanation Debit Credit (1) Accounts Receivable 310,800 Sales Revenue 310,800 (To record sale of jobs) (2) |Cost of Goods Sold 176,490 Finished Goods Inventory 176,490 (To record cost of jobs) Click if you would like to Show Work for this question: Open Show Work By accessing this Question Assistance, you wll learn while you earn points based on the Point Potential Policy set by your instructor Attempts: 3 of 15 Your answer is partially correct. Try again. 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 180,930 T 30b No. 51 Vork for this question: Open Show work