Question 3 of 7 1. Coronado 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 $21,400, direct labor $12,840, and manufacturing overhead $17,120. As of January 1, Job 49 had been completed at a cost of $96,300 and was part of finished goods inventory. There was a $16,050 balance in the Raw Materials Inventory account. 2. During the month of January, Coronado 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 $130,540 and $169,060, respectively. The following additional events occurred during the month. 3. 4. 51 Job No. Direct Materials 52 Purchased additional raw materials of $96,300 on account. Incurred factory labor costs of $74,900. Of this amount $17,120 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $18,190; indirect labor $21,400; depreciation expense on equipment $12,840; and various other manufacturing overhead costs on account $17,120. Assigned direct materials and direct labor to jobs as follows. $10,700 41,730 32,100 Direct Labor 0.9/4 E : $5,350 26,750 21,400

Coronado 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 $21,400. direct labor $12,840, and mamulacturing overhead $17,120. As of January 1, Job 49 had been completed at a cost of $96,300 and was part of finished goods imentery. There was a $16,050 balance in the Raw Materials irventory account. During the month of Janaary, Coronado Compary 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 $130,540 and $169,060, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $96,300 on account. 2. Incurred factory labor costs of $74,900. Of this amount $17,120 related to emplover payroll taxes. 3. Incurred manulacturing overhead costs as follow: indirect materials $18,190, indirect labor $21,400; depreciation expense on equipment $12.840 : and various other manufacturing overhead costs on account $17,120. 4. Assigned direct materials and direct lator to jobs as follows. 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, wse the overhead rato calculated in (a). (Credit occount titles are outomotically indented when amount is entered. Do not indent manualiy) Coronado 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 $21,400. direct labor $12,840, and mamulacturing overhead $17,120. As of January 1, Job 49 had been completed at a cost of $96,300 and was part of finished goods imentery. There was a $16,050 balance in the Raw Materials irventory account. During the month of Janaary, Coronado Compary 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 $130,540 and $169,060, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $96,300 on account. 2. Incurred factory labor costs of $74,900. Of this amount $17,120 related to emplover payroll taxes. 3. Incurred manulacturing overhead costs as follow: indirect materials $18,190, indirect labor $21,400; depreciation expense on equipment $12.840 : and various other manufacturing overhead costs on account $17,120. 4. Assigned direct materials and direct lator to jobs as follows. 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, wse the overhead rato calculated in (a). (Credit occount titles are outomotically indented when amount is entered. Do not indent manualiy)