Schmeltz Industries organized in January and recorded the following transactions during its first month of operations: Schmeltz Industrles organized in January and recorded the following transactions during its first month of operations:January $9$ Used materials costing $$450,0$ on job number $1001.$

January $14$ Used materials costing $$20,0$ on job number $1002.$

January $18$ Used materials costing $$10,$ e$0$ on job number $1003.$

January $25$ Applied the following direct labor costs to jobs: job number $1001,$ $$3,60$; job number $102,$ $$5,400$; job number $1003,$

$$1,350.($Direct labor workers earn $$18$ per hour.$)$

January $27$ Applied manufacturing overhead to all jobs at a rate of $$450$ per direct labor hour.

January $28$ Completed and transferred job number $1001$ and job number $1002$ to the finished goods warehouse.

January $29$ Sold job number $101$ on account for $$725,00.$

January $31$ Recorded and paid actual January manufacturing overhead costs of $$248,750,$ cash.

January $31$ Closed the Manufacturing Overhead account directly to Cost of Goods Sold.Required:

a$.$ Prepare journal entrles for each of the above transactions.

b$.$ Compute the balance of the Cost of Goods Sold account at January $31.$

c$.$ Determine the company's inventory balances at January $31.$

d$.$ Was manufacturing overhead in January overapplied, or was it underapplied?

Complete this question by entering your answers in the tabs below.

Prepare journal entries for each of the above transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

Record the purchases of materials on account.

Note: Enter debits before credits.

January $5$ Purchased materials on account for $$800,000.$

January $9$ Used materials costing $$450,000$ on job number $1001.$

January $14$ Used materials costing $$200,000$ on job number $1002.$

January $18$ Used materials costing $$100,000$ on job number $1003.$

January $25$ Applied the following direct labor costs to jobs: job number $1001,$ $$3,600$; job number $1002,$ $$5,400$; job number $1003,$ $$1,350.($Direct labor workers earn $$18$ per hour.$)$

January $27$ Applied manufacturing overhead to all jobs at a rate of $$450$ per direct labor hour.

January $28$ Completed and transferred job number $1001$ and job number $1002$ to the finished goods warehouse.

January $29$ Sold job number $1001$ on account for $$725,000.$

January $31$ Recorded and paid actual January manufacturing overhead costs of $$248,750,$ cash.

January $31$ Closed the Manufacturing Overhead account directly to Cost of Goods Sold.

Required:

Prepare journal entries for each of the above transactions.

Compute the balance of the Cost of Goods Sold account at January $31.$

Determine the company's inventory balances at January $31.$

Was manufacturing overhead in January overapplied, or was it underapplied?