Question 1 of 2 42.62/501 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 (List all debit entries before credit entries. Credit account eller are automatically indented when amount is entered. Do not Indent manually) No. Account Titles and Explanation Debit Credit (1) Raw Material inventory 80200 Accounts Payable 80200 (2) Factory Labor 68600 Cost of Completed Service Contracts 88600 (3) Manufacturing Overhead 623200 Accumulated Depreciation Equiment Accounts Payable 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 belom crede entries. Credit account titles are automatically Indented when amount is entered. Do not Indent monity) No. Account Titles and Explanation Debit Credit (1) Work in Process inventory 77420 Manufacturing Overhead 16660 4 Raw Materials inventory 49000 ( (2) Work in Process Inventory 19600 Manufacturing Overhead Factory Gabor 58800 (3) Work in Process Inventory 5600 Manufacturing Overhead e Textbook and Media Openjob 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 Beg $ 19600 11760 $ 1500 Jan 9000 4000 1880 29400 1660 21500 Cost of completed job Direct materials 1000 Direct labor LE 20500 Manufacturing overhead Total cost oc Job No: 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan $ 38220 $ 5 600 Cost of completed job Direct materials Direct labor 2000 lo Manufacturing overhead 1213 Total cost Question 1 of 2 42.62/50 LE Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. 29400 $ 19600 29400 e Textbook and Media Solution Question 1 of 2 42.62/50 Prepare the journal entry to record the completion of any job(s) during the month. (Ust all debiterbit before creditentres edit account titles are automatically indented when amount is entered. Do not indent med Account Titles and Explanation Debit Credit Finished Goods Inventory 159740 Work in Process intory 159740 e Textbook and Media List of Accounts 42.62/50 THI Prepare the journal entries to record the sale of any jobs) during the month (Ustall debitantes before credit entre tout titles are automatically Indented when amount is entered. Do not Indent manually) No. Account Tities and Explanation Debit Credit (1) Accounts Receivable 274400 Sales leven 274400 (To record sale of jobs) (2) Cost of Good Sold 155820 Finished Goods entory 1530 (To record cost of jobs) e Textbook and Media List of Accounts Attempt 2 of 3 uted Question 1 of 2 42.62750 E 1 Your answer is correct. What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance cost of Finished Goods twentory s 92120 Job No. 51 e Textbook and Media List of Accounts Attempts: 1 of 3 used th What is the amount of over or underapplied overhead? $ Manufacturing Overhead