Wildhorse 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 ! on this job were as follows: direct materials $24,400, direct labor $14,640, and manufacturing overhead $19,520. As of January 1, Job 49 had been completed at a cost of $109,800 and was part of finished goods inventory. There was a $18,300 balance in the Raw Materials Inventory account on January 1. During the month of January, Wildhorse company began production on Jobs 51 and 52, and completed Jobs 50 and 51 Jobs 49 and 50 were sold on account during the
What is the balance in the Finished Goods 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 Attempts: 0 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 (h) What is the amount of over- or underapplied overhead? 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 anifount is entered. Do not indent manually.) eTextbook and Media List of Accounts Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attemnt? 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.) Using multiple attempts will impact your score. 10% score reduction after attempt 2 (h) What is the amount of over- or underapplied overhead? Manufacturing Overhead \$ eTextbook and Media List of Accounts Using multiple attempts will impact your score. 10% score reduction after attempt 2 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.) What is the balance in the Finished Goods 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 Attempts: 0 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 (h) What is the amount of over- or underapplied overhead? 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 anifount is entered. Do not indent manually.) eTextbook and Media List of Accounts Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attemnt? 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.) Using multiple attempts will impact your score. 10% score reduction after attempt 2 (h) What is the amount of over- or underapplied overhead? Manufacturing Overhead \$ eTextbook and Media List of Accounts Using multiple attempts will impact your score. 10% score reduction after attempt 2 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.)
