Sunland 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 $18,800, direct labor $11,280, and manufacturing overhead $15,040. As of January 1, Job 49 had been completed at a cost of $84,600 and was part of finished goods inventory. There was a $14,100 balance in the Raw Materials Inventory account on January 1. During the month of January, Sunland Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $114,680 and $148,520, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $84,600 on account. 2. Incurred factory labor costs of $65,800. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $11,280; and various other manufacturing overhead costs on account $15,040. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $9,400 $4,700 51 36,660 23,500 52 28,200 18,800 5. Assigned indirect materials of $15,980 and indirect labor of $18,800. (a) X Your answer is incorrect. Calculate the predetermined overhead rate for 2022, assuming Sunland Company estimates total manufacturing overhead costs of $789,600, direct labor costs of $658,000, and direct labor hours of 18,800 for the year. Predetermined overhead rate % e Textbook and Media Assistance Used List of Accounts Save for Later Attempts: 3 of 5 used Submit Answer Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job No. 50. Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg $ $ $ Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ $ $ Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost $ Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ S $ $ Warning Don't show me this message again for the assignment Ok Cancel Prepare the journal entries to record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incurred during the month of January. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit No (1) (2) (3) Warning Don't show me this message again for the assignment Ok Cancel Prepare the journal entries to 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). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit No (1) (2) (3) Warning Don't show me this message again for the assignment Ok Cancel Total the job cost sheets for any job(s) completed during the month. Prepare the journal entry to record the completion of any job(s) during the month. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Warning Don't show me this message again for the assignment Ok Cancel Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) To record sale of jobs) (2) (To record cost of jobs) Warning Don't show me this message again for the assignment Ok Cancel What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of? Finished Goods Inventory $ Warning Don't show me this message again for the assignment Ok Cancel What is the amount of over- or underapplied overhead? Manufacturing Overhead $ Warning Don't show me this message again for the assignment Ok Cancel