Vaughn Wings, Inc. manufactures airplanes for use in stunt shows. Vaughns factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible. Since each plane has different features (such as its shape, weight, and color), Vaughn uses a job order costing system to accumulate product costs.

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Problem 4-32 (Part Level Submission) Vaughn Wings, Inc. manufactures airplanes for use in stunt shows. Vaughn's factory is highly automated, using the latest in rabotic technology. To keep costs low, the company employs as few factory workers as possible. Since each plane has different features (such as its shape, weight, and color), Vaughn uses a job order costing system to accumulate product costs At the end of 2016, Vaughn's accountants developed the tollowing expectations for 2017 based on the marketing department's sales forecast: Budgeted overhead cost Estimated machine hours Estimated direct labor hours Estimated direct materials cost $1,052,000 52,000 12,000 $1,520,000 Vaughn's inventory count, completed on December 31, 2016, revealed the following ending inventory balances: Raw Materials Inventory Work in Process Inventory Finished Goads Inventory $250,000 626,000 $2,160,000 The company's 2017 payroll data revealed the following actual payroll costs for the year: Annual Total Hours Number Wage Rate Salary per Worked per Employed per Hour Employee Employee Job Title President and CEO Vice president and CFO Factory manager Assistant factory manager Machine operator Security guard, factory Forklift operator Corporate secretary lanitor, factory $225,000 $177,000 $40,100 $31,400 $14.5 $7.5 $6 2,250 2,000 2,150 $21,000 $35,900 The following information was taken from Vaughn's Schedule of Plant Assets. All assets are depreciated using the straight-line methad. Plant Asset Factory building Administrative office Factory cquipment Purchase Price Salvage Value Useful Life $150,000 20 Years $125,000 30 Years S20,000 12 Years $4,000,000 $650,000 $2,000,000 Other miscellancous costs for 2017 all paid in cash included: Other s costs for 2017 all paid in cash included Cost Factory insurance (fully expired) $12,700 Administrative office utilities Factory utilities Office supplies (fully consumed) 5,000 $5,100 430,000 Additional information about Vaughn's operations in 2017 includes the following * Raw materials purchases for the year amounted to $1,950,000. All materials were purchased on account. * The company used $1,860,000 in raw materials during the year. Of that amount, 85% was direct materials and 15% was indirect materials. Vaughn applied overhead to Work in Process Inventory based on direct materials cost. Airplanes costing $3,450,000 to manufacture were completed and transferred out of Work in Process mentary Vaughn uses markup of 80% to price its airplanes. Sales for the year were S6,5 70,000. All sales are made on account. (Note: This transaction requires two journal entries.) Your answer is correct. what was Vaughn's predetermined overhead rate in 2017? (Round answer to 2 decimal places, e.g. 52.75%) redetermined overhead ratere920% of direct matenals cost Your answer is correct. Prepare the ournal entries to record Vaughn's costs for 2017 use saar es the problem, Round answers to 0 decimal places, e.g. 5,275.) ayable and wages Payable accounts for payroll costs. Credit account tit es are automatica//yinde ted when the amount is entered. Do not indent maual y Post entries in order presented in No. Account Titles and Explanation Debit To rocrdaris far presdent, vce presicent, and oorpoarte scrtary) ries Paya To record sa iad factory worke oots) To record hourly factory worker costs) [ To record depredation on administratve ofice equipmert) S, To recnrd depredation on factory buling and equpmant 6. record acministracve ottice utiities and ofce suppliks cxpense) 270 To record fectory isrance and factory tiities) 8. To record ra maeris purcheses) 9. -TO'' ork n Process l To nord drect m erials and indirect materials used in production 10. Vork in Process Inv 094.21 nufacturing Overhe (To apply owerhaad to wok in process) n!.nehed Goods trventory F8.50,000 o record trensfer of ccmpleted arpanes nts Recei 5570,000 o record sae of arplenes to cusmers) 13 t of Gacds To record cost or airplaves sold Yur aswer is crrect Prepare the appropriate T-accounts for Raw Materials Inventory, Work-in-Process Imventory, Finished Goods Inventory, Mafacturing Overhead Control, Cost of Goods Sold, and Seles, and record Vaughn's transactions for 2017. (Post entries in order presented in the problem. Round answers to 0 decinmal places, e.g. 5,275.) Raw Materials Work in Process Inventory 109421 Finished Goods Inventory 6000 Manufacturing Overhead Sales Revenue Your answer is cerrect was manufacturing under-or over applied in 2017? By how much? (Round nswer to O decimal places, eg. 5,275.) Attempts 1 of 1S used 7e) Your answer is correct Make the adjusting entry necessary to close the under- or overapplied overhead to cost of goods sold. (Credit account titles are automatically indented when the amount is entered. Do not indent manually, Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Overthe 4571 Attempts: 1 of 15 used