E2-8 Enos Printing Corp. uses a job order cost system. The following data summarize the prepare entries for operations related to the first quarter's production manufacturing and 1. Materials purchased on account $192,000, and factory wages incurred $87,300. Homanufacturing costs. 2. Materials requisitioned and factory labor used by job: (LO 2, 3, 4, 5), AP 80 2 Job Order Costing Job Number Materials Factory Labor A20 $ 35,240 $18,000 A21 42,920 22,000 A22 36,100 15,000 A23 39,270 25,000 General factory use 4.470 7.300 $158,000 $87.300 3. Manufacturing overhead costs incurred on account $49,500. 4. Depreciation on factory equipment $14,550 5. Depreciation on the company's office building was $14,300. 6. Manufacturing overhead rate is 90% of direct labor cost. 7. Jobs completed during the quarter: A20, A21, and A23. Instructions Prepare entries to record the operations summarized above. Prepare a schedule showing the individual cost elements and total cost for each job in item 7) E2-9 At May 31, 2014, the accounts of Mantle Company show the following. 1. May I inventories --finished goods $12,600, work in process $14,700, and raw materials $8,200 2. May 31 inventories-finished goods $9.500, work in process $17.900, and raw materials $7.100 3. Debit postings to work in process were direct materials $62,400, direct labor $50,000, and manufacturing overhead applied $40,000 4. Sales revenue totaled $210,000, Instructions (a) Prepare a condensed cost of goods manufactured schedule. (b) Prepare an income statement for May through gross profit (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31 2014 Prepare a cost of gods manufactured schedule partial financial statements (LO 2,5), AP Prepare entries in a job murder cost system and partial Income statement (LO 2, 3, 4, 5, 6), AN P2-2A For the year ended December 31, 2014, the job cost sheets of Cinta Company contained the following data. Job Direct Direct Manufacturing Total Number Explanation Materials Labor Overhead Costs 7640 Balance 1/1 $25,000 $24.000 $28.800 $ 77,800 Current year's costs 30,000 36,000 43,200 109,200 7641 Balance 1/1 11,000 18,000 21,600 50,600 Current year's costs 43,000 48,000 57,600 148,600 7642 Current year's costs 58,000 55,000 66,000 179,000 Other data: 1. Raw materials inventory totaled $15,000 on January 1. During the year. $140,000 of raw materials were purchased on account 2. Finished goods on January 1 consisted of Job No. 7638 for $87,000 and Job No. 7639 for $92,000 3. Job No 7640 and Job No. 7641 were completed during the year 4. Job Nos. 1638,7639, and 7641 were sold on account for $530,000 Problems: Set A 83 5. Manufacturing overhead incurred on account totaled $120,000 6. Other manufacturing overhead consisted of indirect materials $14,000, indirect labor $18,000, and depreciation on factory machinery $8,000 Instructions (a) Prove the agreement of Work in Process Inventory with job cost sheets pertaining to a $199,000, 30b 7642 unfinished work. (Hon. Use a single account for Work in Process Inventory.) Cal. 5179.000 culate each of the following, then post euch to the account: (1) beginning balance, (2) direct materials. (3) direct labor. (4) manufacturing overhead, and (5) completed Jobs (b) Prepare the adjusting entry for manufacturing overhead, assuming the balance is (bl Amount $6,800 allocated entirely to Cost of Goods Sold. (e) Determine the gross protit to be reported for 2014 10 5158,600 84 2 Job Order Costing Compule pretendon lead roles, apply owerhead, and calculate de or Overplied overhead (LO 4, 6). P2-4A Agassi Company uses a job order cost system in each of its three manufacturing departments, Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department D, direct labor hours in Department E, and machine hours in Department K. In establishing the predetermined overhead rates for 2014, the following estimates were made for the year. Department D E Manufacturing overhead $1,200,000 $1,500,000 $900,000 Direct labor costs $1,500,000 $1.250,000 $450,000 Direct labor hours 100,000 125,000 40,000 Machine hours 400,000 500,000 120,000 During January, the job cost sheets showed the following costs and production data. Department D E K Direct materials used $140,000 $126,000 $78,000 Direct labor costs $120,000 $110,000 $37.500 Manufacturing overhead incurred $ 99,000 $124.000 $79,000 Direct labor hours 8,000 11,000 3,500 Machine hours 34,000 45,000 10.400 Instructions (a) Compute the predetermined overhead rate for each department (b) Compute the total manufacturing costs assigned to jobs in January in each department (c) Compute the under or overapplied overhead for each department at January 31 al 80%.512.57.50 b) 5356,000, 5368.000, 5193,500 Id $3,000, S8,000), 51,000 A