Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,000, direct labour $15,000, and manufacturing overhead $20,000. As of January 1, Job No. 49 had been completed at a cost of $120,000 and was part of finished goods inventory. There was a $25,000 balance in the Raw Materials Inventory account. During the month of January, Bertrand Manufacturing 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 $152,000 and $198,000, respectively. The following additional events occurred during the month: 1. Bertrand purchased additional raw materials of $100,000 on account. 2. It incurred factory labour costs of $75,000 of this amount, $18,000 related to employer payroll taxes. 3. It incurred manufacturing overhead costs as follows: indirect materials $18,000, indirect labour $17,000, depreciation expense $14,000, and various other manufacturing overhead costs on account $22,000. 4. It assigned direct materials and direct labour to jobs as follows: Job No. 50 Direct Materials $12,000 42,000 35,000 Direct Labour $7,000 28,000 22,000 51 52 Credit Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Cost of Goods Sold Finished Goods Inventory (To record cost of goods sold of Jobs 49 and 50) Accounts Receivable Sales Revenue (To record sale of Jobs 49 and 50) Calculate the balance in the Finished Goods Inventory account at the end of the month. (Round answer to the nearest whole dollar, e.g. 5,275.) Finished Goods Inventory SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate the amount of under- or over-applied overhead. (Round answer to the nearest whole dollar, e.g. 5,275.) Overhead SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT