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Cullumber 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 $16,800, direct labor $10,080, and manufacturing overhead $13.440. As of January 1. Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials inventory account on January 1 During the month of January, Cullumber 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 $102,480 and $132,720 respectively. The following additional events occurred during the month 1. Purchased additional raw materials of $75,600 on account. 2 Incurred factory labor costs of $58,800. 3 Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080, and various other manufacturing overhead costs on account $13,440. Assigned direct materials and direct labor to jobs as follows 4 Job No Direct Materials Direct Labor 50 $8,400 $4200 51 32,760 21.000 52 25.200 16,800 5. Assigned indirect materials of $14,280 and indirect labor of $16,800. (a) Your answer is correct. Calculate the predetermined overhead rate for 2022, assuming Cullumber Company estimates total manufacturing overhead costs of $705,600, direct labor costs of $588,000, and direct labor hours of 16,800 for the year. Predetermined overhead rate 120 % e Textbook and Media List of Accounts Attempts: 1 of 2 used (c) 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 account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) (d1) Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) (b) & (d2) Openjob 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. 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. $ $ $ le). Prepare the journal entry to record the completion of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (f). f Prepare the journal entries to record the sale of any job(s) during the month. (List all debit entries before credit entries. 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) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (g) 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 $ $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (h) What is the amount of over- or underapplied overhead? Manufacturing Overhead $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer List of Accounts Assistance Used Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Cash Cost of Completed Service Contracts Cost of Goods Sold Depreciation Expense Employer Fringe Benefits Payable Employer Payroll Taxes Payable Factory Labor Factory Wages Payable Finished Goods Inventory Manufacturing Overhead Operating Overhead Payroll Liabilities Prepaid Insurance Prepaid Property Taxes Property Tax Payable Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Service Salaries and Wages Supplies Utilities Payable Work in Process Inventory Cullumber 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 $16,800, direct labor $10,080, and manufacturing overhead $13.440. As of January 1. Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials inventory account on January 1 During the month of January, Cullumber 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 $102,480 and $132,720 respectively. The following additional events occurred during the month 1. Purchased additional raw materials of $75,600 on account. 2 Incurred factory labor costs of $58,800. 3 Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080, and various other manufacturing overhead costs on account $13,440. Assigned direct materials and direct labor to jobs as follows 4 Job No Direct Materials Direct Labor 50 $8,400 $4200 51 32,760 21.000 52 25.200 16,800 5. Assigned indirect materials of $14,280 and indirect labor of $16,800. (a) Your answer is correct. Calculate the predetermined overhead rate for 2022, assuming Cullumber Company estimates total manufacturing overhead costs of $705,600, direct labor costs of $588,000, and direct labor hours of 16,800 for the year. Predetermined overhead rate 120 % e Textbook and Media List of Accounts Attempts: 1 of 2 used (c) 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 account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) (d1) Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) (b) & (d2) Openjob 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. 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. $ $ $ le). Prepare the journal entry to record the completion of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (f). f Prepare the journal entries to record the sale of any job(s) during the month. (List all debit entries before credit entries. 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) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (g) 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 $ $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (h) What is the amount of over- or underapplied overhead? Manufacturing Overhead $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer List of Accounts Assistance Used Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Cash Cost of Completed Service Contracts Cost of Goods Sold Depreciation Expense Employer Fringe Benefits Payable Employer Payroll Taxes Payable Factory Labor Factory Wages Payable Finished Goods Inventory Manufacturing Overhead Operating Overhead Payroll Liabilities Prepaid Insurance Prepaid Property Taxes Property Tax Payable Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Service Salaries and Wages Supplies Utilities Payable Work in Process Inventory