Sloan Technology Co. manufactures DVDs for computer software and enterinment companies. Sloan uses job order costing. On September 2, Sloan began production of 5,500 DVDs, job 423, for Prototype Pictures for $1.70 sales price per DVD. Sloan promsied to deliver the DVDs to Prototype Pictures by September 5. Sloan incurred the following direct costs:

Date Labor Time Record No. Description Amount 9/02 655 180 10 hours @ $18 per hour $ 20 hours @ $14 per hour 9/03 656 280 Materials Requisition No. Date Description Amount 9/02 63 $ 341 9/02 64 31 lbs. polycarbonate plastic @ $11 per lb. 25 lbs, acrylic plastic @ $28 per lb. 3 lbs, refined aluminum @ $42 per lb. 700 9/03 74 126 Sloan Technology allocates manufacturing overhead to jobs based on the relation between estimated overhead of $564,000 and estimated direct labor costs of $470,000. Job 423 was completed and shipped on September 3. Requirement 1. Prepare a job cost record for Job 423 Calculate the predetermined overhead allocation rate (round to two decimal places), then allocate manufacturing overhead to the job Begin by determining the total amount of direct materials and direct labor incurred on the job Next, calculate the predetermined overhead allocation rate and apply manufacturing overhead DVD b Cost Record ab No. 423 ustomer Name Prototype 5,500 DVDs ob Description ate Promised 9-5 Date Started 9-2 Date Completed 9.3 Manufacturing overhead allocated Direct materials Direct labor Labor Time Record Requisition Number Date Amount Number Amount Date Rate Amount 7 of direct 9-2 63 $ 341 655 $ 180 labor cost 9-2 64 700 Overall Cost Summary 9-3 74 126 656 280 Direct materials Direct labor Manufacturing overhead Allocated 9-2 64 700 9-3 74 126 656 Overall Cost Summary 280 Direct materials Direct labor Manufacturing overhead Allocated Total Job Cost Totals Cost per DVD Requirement 2. Joumalize in summary form the requisition of direct materials and the assignment of direct labor and the allocation of manufacturing overhead to Job 422 Wapes are not yet paid focord debts annalines Start by journing the use of direct materials Date Accounts Debit Credit Sep 3 Next, journalize the use of director Date Accounts Debit Credit Sep 3 Now journalize the allocation of overhead to Job 423 Date Accounts Debit Credit Sep 3 Requirement 3. Journalize completion of the job and the sale of the 5,500 DVDs on account. (Record debits first, then credits Exclude explanations from any journal entries) Begin by preparing the entry to show the completion of the job Date Accounts Debit Credit Sep 3 Next, joumalize the revenue portion of the sale of Job 423 Date Accounts Debit Credit Sep 3 Finally, journalize the cost of goods portion of the sale Accounts Debit Date Credit Sep 3