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Pharoah 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 $18,000, direct labor $10,800, and manufacturing overhead $14,400. As of January 1 , Job 49 had been completed at a cost of $81,000 and was part of finished goods inventory. There was a $13,500 balance in the Row Materiais Inventory account on January 1. During the month of January, Pharoah Company began production on Jobs 51 and 52 , and completed Jobs 50 and 51 . Jobs 49 and 50 weresold on account during the month for $109,800 and $142,200. respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $81,000 on account: 2 Incurred factory labor costs of $63,000 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10.800; and various other manufacturing overhead costs on account $14400 4. Assigned direct materials and direct labor to jobs as follows. 5. Assigned indirect materlals of $15.300 and indirect labor of $18000 Calculate the predetermined overhead rate for 2022 , assuming Pharoah Company estimates total manufacturing overhead costs of $756,000, direct labor costs of $630,000, and direct labor hours of 18,000 for the year. Predetermined overhead rate Q Youranswer ispartiallyeorrect. Prepare the journal entries to record (1) the purchase of raw materials. (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January, (List all debit entries before credit entries. Credit occount titles are outomatically indented when amount is entered, Do not indent manoaly) Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production. In assizning manufacturing overhead costs, use the overhead rate calculated in (a). (List all debit entries before credit. entries. Credit account titles are automatioally indented when amount is entered. Do not indent monually. Open job cost sheets for Jobs 50,51 , and 52 . Enter the January 1 balances on the job cost sheet for Job 50 . Post all costs to the job cost sheets as necessary. JobNo. 51 Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost JobNo. 52 eTextbook and Media List of Accounts Prepare the journal entry to record the completion of any job(s) during the month. (list all debit entribs before credit entries: Credit account titles are outomotically indented when arwount is entered. Do not indent manually) eTextbook and Media List of Accounts er Youranowertisincorrect Prepare the fournal entries to record the sale of any job(s) during the month. (List all debit entries before credit entries. Credit occount tites ore autiomatical Y indented when amount is eritered. Do not indent manualiy. What is the balance in the Finished Gopds Inventory account at the end of the month? (Hint: Use a T-account for Finished Goods Inventory. What does this balance consist of? Finished Goods inventory $ eTextbook and Media List of Accounts and Yourianser is incorrect What is the amcunt of overi or underapplied overhead? Manufacturing oyerhead $
