Problem 20-01A a, c, d1, b, d2, e-h (Part Level Submission) (Video)
Sunland 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 $23,800, direct labor $14,280, and manufacturing overhead $19,040. As of January 1, Job 49 had been completed at a cost of $107,100 and was part of finished goods inventory. There was a $17,850 balance in the Raw Materials Inventory account. During the month of January, Sunland 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 $145,180 and $188,020, respectively. The following additional events occurred during the month.
| 1. | | Purchased additional raw materials of $107,100 on account. |
| 2. | | Incurred factory labor costs of $83,300. Of this amount $19,040 related to employer payroll taxes. |
| 3. | | Incurred manufacturing overhead costs as follows: indirect materials $20,230; indirect labor $23,800; depreciation expense on equipment $14,280; and various other manufacturing overhead costs on account $19,040. |
| 4. | | Assigned direct materials and direct labor to jobs as follows. |
| Job No. | | Direct Materials | | Direct Labor |
| 50 | | $11,900 | | $5,950 |
| 51 | | 46,410 | | 29,750 |
| 52 | | 35,700 | | 23,800 |
.
Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job No. 50. Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhand Beg. Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ $ $ $ Cost of completed job Type here to search o G it C crae 2000 Vant chegg.com/homework-help/questions and answers/lott-company-uses-job-order-cost-system-applies-overhead-production-basis-direct-labor cos q14409655 > Zagweb M Gmail YouTube Microsoft Office Ho. My Drive - Google... Laulima : Home: O... Accounting Book Microeconomics Bo Library Genesis ps Prepare the journal entries to record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incurred du account titles are automatically indented when amount is entered. Do not Indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) Prepare the journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manus the overhead rate calculated in (a). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Ac Tees and laten Type here to search @ Prepare the journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manufac- the overhead rate calculated in (a). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Deblt Credit (1) (2) (3) Total the job cost sheets for any job(s) completed during the month. Prepare the journal entry to record the completion of any job(s) during the month. (Credit automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PR Type here to search goo. 2 Conta con 200 cm Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically Indented when amount is entered. Do manually.) No. Account Titles and Explanation Debit Credit (1) (To record sale of jobs) (2) (To record cost of yobs) 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 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT What is the amount of over- or underapplied overhead? B Type here to search . Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically Indented when amount is entered. Do manually.) No. Account Titles and Explanation Debit Credit (To record sale of jobs) (2) (To record cost of jobs) 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 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT What is the amount of over- or underapplied overhead? Type here to search ot . 0
