Sheridan Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,600, direct labor $14,160, and manufacturing overhead $18.880. As of January 1, Job 49 had been completed at a cost of $106,200 and was part of finished goods inventory. There was a $17,700 balance in the Raw Materials Inventory account. During the month of January, Sheridan Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold during the month. The following additional events occurred during the month. 1. Purchased additional raw materials of $106,200 on account. 2. Incurred factory labor costs of $82,600. 3. Incurred manufacturing overhead costs as follows: indirect materials $20,060; indirect labor $23.600; depreciation expense on equipment $14,160; and various other manufacturing overhead costs on account $18,880. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $11,800 $5,900 51 46,020 29.500 52 35,400 23,600 Your answer is correct. Calculate the predetermined overhead rate for 2022, assuming Sheridan Company estimates total manufacturing overhead costs of $991,200, direct labor costs of $826,000, and direct labor hours of 23,600 for the year. (Round answer to the nearest whole percent, e.g. 25%) Predetermined overhead rate 120 % eTextbook and Media Using multiple attempts will impact your score. 20% score reduction after attempt 1 (b) Your answer is correct. Attempts: 1 of 2 used Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Job No. 50 Date Beg Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Direct Materials 23,600 11.800 S Direct Labor Manufacturing Overhead 14,160 $ 18.880 5,900 7,080 35,400 $ 20,060 $ 25,960 35,400 20,060 25,960 S 81.420 Job No. 51 Date Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Direct Materials 46,020 46,020 Direct Labor 29,500 29,500 $ 10 Manufacturing Overhead 35,400 35,400 46,020) 29.500 35,400 110,920 Job No. 52 Date Direct Materials Jan. $ 35,400 eTextbook and Media Using multiple attempts will impact your score. 20% score reduction after attempt 1 (c)-(f) (c) (d) (e) Direct Labor 23,600 Manufacturing Overhead 28,320 Attempts: 1 o Record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incu during the month of January. Record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assign manufacturing overhead costs, use the overhead rate calculated in (a). Post all costs to the job cost sheets as neces Total the job cost sheets for any job(s) completed during the month. Record the completion of any job(s) during the month. Linn the month (c)-(f) (c) (d) (e) Record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incurred during the month of January. Record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). Post all costs to the job cost sheets as necessary. Total the job cost sheets for any job(s) completed during the month. Record the completion of any job(s) during the month. (f) Record the sale of any job(s) during the month. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Raw Materials Inventory (c) Purchase raw materials $ 106.200 $ Incurred factory labor daprociation Manufacturing Costs Factory Labor Manufacturing Overhead 82.600 $ 76,700 (C) Purchase raw materiais TU6200 152.000 76,700 Incurred factory labor Factory depreciation Other overhead costs Indirect materials Indirect labor (d) Direct materials Direct labor Assigned overhead (e) Jobs completed Jobs sold Ending balance Engish (United States) Focus