? Raw materials Work in process Finished goods $ 84,500 $ 35,000 $ 44,100 The company applies

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Raw materials Work in process Finished goods $ 84,500 $ 35,000 $ 44,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $12.50 per direct labor-hour was based on a cost formula that estimated $500,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $614,000. b. Raw materials used in production, $567,600. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $450,000; indirect labor, $150,000; selling and administrative salaries, $290,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $375,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $350,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,461,900 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,172,500. The jobs cost $1,471,900 to manufacture according to their job cost sheets. 2. What is the ending balance in Raw Materials? Beg. bal. End. bal. Raw Materials 3. What is the journal entry to record the labor costs incurred during the year? (If no entry is "No journal entry required" in the first account field.) 4. What is the total amount of manufacturing overhead applied to production during the year? Manufacturing overhead applied 5. What is the total manufacturing cost added to Work in Process during the year? Total manufacturing cost 6. What is the journal entry to record the transfer of completed jobs that is referred to in item g above? (If no- transaction/event, select "No journal entry required" in the first account field.) View transaction list 7. What is the ending balance in Work in Process? Beg. bal. End, bal. Work in Process Raw materials Work in process Finished goods $ 84,500 $ 35,000 $ 44,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $12.50 per direct labor-hour was based on a cost formula that estimated $500,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $614,000. b. Raw materials used in production, $567,600. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $450,000; indirect labor, $150,000; selling and administrative salaries, $290,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $375,000. e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $350,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,461,900 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,172,500. The jobs cost $1,471,900 to manufacture according to their job cost sheets. 2. What is the ending balance in Raw Materials? Beg. bal. End. bal. Raw Materials 3. What is the journal entry to record the labor costs incurred during the year? (If no entry is "No journal entry required" in the first account field.) 4. What is the total amount of manufacturing overhead applied to production during the year? Manufacturing overhead applied 5. What is the total manufacturing cost added to Work in Process during the year? Total manufacturing cost 6. What is the journal entry to record the transfer of completed jobs that is referred to in item g above? (If no- transaction/event, select "No journal entry required" in the first account field.) View transaction list 7. What is the ending balance in Work in Process? Beg. bal. End, bal. Work in Process

Answer rating: 100% (QA)

Req 2 Ending balance of Raw material 130900 Raw materials Debit Credit Beginning Balance 84500 56760... View the full answer