Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $244,920 and total machine hours at 62,800 . During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 was completed and sold for $50,800. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $17.440. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101 . 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Journal entry worksheet Record the transfer of completed job 102 to finished goods inventory. Note: Fnter debits before credits. Iyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $244.920 and total machine hours at 62,800 . During the first month of operations, the company worked on three jobs and recorded the following actual direct materlals cost, direct labor cost, and machine hours for each job: Job 101 was completed and sold for $50.800. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $17,440. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101 . 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. Note: If no entry is required for a transoction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Journal entry worksheet Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming yeac, the company estimated its total manufacturing overhead cost at $244.920 and total machine hours at 62.800. During the first month of operations. the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 was completed and sold for $50,800 Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $17.440. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101 . 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No Journol Entry Required" in the first account field. Do not round your intermediate calculations. Journal entry worksheet D Record sales revenee and cosh recelved. Rooce Inter debits betore. credias, Iyler Tooling Company uses a job onder cost system with overbead applled to products on the basis of machine hours. For the upcoming yeat, the company estimated its totol manufacturing ovethead cost at $244,920 and total machine hours at 62.800. Durfing the first month of operations, the company worked on three jobs and recorded the following actual direct materlals cost, direct labor cost, and machine hours for eachi jobs Job 101 was completed and sold for $50.800. Job 102 was completed but not sold. Job 103 is stili in process. Actual overhead costs fecorded during the first month of operations totaled $17.440. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon lts completion. 2. Prepare the journal entries to recognize the sales rewenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Oveihead account to Cost of Goods Sold. Note: If no entry is required for trensection/ovent, select "No Journal Entry Required" in the first occount fleid, Do not round your intermediate colculotions. Journal entry worksheet Recond the transfer of the manturtining oveiterad account balance to cost of goods sold. twiti foler debats thefare aredts
