X Data Table Date Labor Time Record No. Description Amount 11/02 655 10 hours @ $18 per hour $ 180 11/03 656 20 hours @ $15 per hour 300 Materials Requisition Date No. Description Amount 11/02 63 $ 341 11/02 64 31 lbs. polycarbonate plastic @ $11 per lb. 25 lbs. acrylic plastic @ $28 per lb. 3 lbs. refined aluminum @ $42 per lb. 700 11/03 74 126 Print Done More Info Tu Technology allocates manufacturing overhead to jobs based on the relation between estimated overhead of $540,000 and estimated direct labor costs of $400,000. Job 423 was completed and shipped on November 3. Print Done Tu Technology Co. manufactures DVDs for computer software and entertainment companies. Tu uses job order costing. On November 2, Tu began production of 5,000 DVDs, Job 423, for Portrait Pictures for $1.80 sales price per DVD. Tu promised to deliver the DVDs to Portrait Pictures by November 5. Tu incurred the following direct costs: E (Click the icon to view the costs.) (Click the icon to view additional information.) Read the requirements. Date Promised 11-5 Date Started 11-2 Date Completed 11-3 Manufacturing overhead allocated Direct materials Direct labor Requisition Labor Time Record Number Date Number Amount Amount Date Rate Amount of direct 11-2 63 $ 341 655 180 labor cost 11-2 64 700 Overall Cost Summary 11-3 74 126 656 300 Direct materials Direct labor Manufacturing overhead Allocated Total Job Cost Totals Cost per DVD Requirement 2. Journalize in summary form the requisition of direct materials and the assignment of direct labor and the allocation of manufacturing overhead to Job 423. Wages are not yet paid. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by journalizing the use of direct materials. Date Accounts Debit Credit Nov. 3 Work-in-Process Inventory Raw Materials inventory Next, journalize the use of direct labor. Date Accounts Debit Credit Nov. 3 Work-in-Process Inventory Wages Payable Now journalize the allocation of overhead to Job 423. Date Accounts Debit Credit Nov. 3 Work-in-Process Inventory Manufacturing Overhead Requirement 3. Journalize completion of the job and the sale of the 5,000 DVDs on account. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by preparing the entry to show the completion of the job. Date Accounts Debit Credit Nov. 3 Finished Goods Inventory Work-in-Process Inventory Next, journalize the revenue portion of the sale of Job 423. Date Accounts Debit Credit Nov. 3 Accounts Receivable Sales Revenue Finally, journalize the cost of goods portion of the sale. Date Accounts Debit Credit Nov. 3 Cost of Goods Sold Finished Goods Inventory
