1) Make Open job cost sheet

2) Journalize Direct Labor to Production

3) Journalize completion of Job 50 and 51

4) Journalize sale of Job 49 and 50 on credit.

5) Compute balance in finished goods inventory

6) Compute amount over/ under overhead

Marigold Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows direct materials $20,500, direct labor $12,360, and manufacturing overhead $16,480. As of January 1, Job 49 had been completed at a cost of $92,700 and was part of finished goods inventory. There was a $15,450 balance in the Raw Materials inventory account. During the month of January, Marigold Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on tout during the month for $125,660 and $162.740. respectively. The following additional events occurred during the month 1. Purchased additional raw materials of $92.700 on account. 2. Incurred factory labor costs of $72,100. Of this amount $16,480 related to employer payroll taxes 3. Incurred manufacturing overhead costs as follows: Indirect materials $17.510 indirect labor $20,600, depreciation expense on equipment $12,360, and various other manufacturing overhead costs on account $16.480. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor $10,300 40,170 30.900 $5,150 25.750 20,600 Your answer is correct. Calculate the predetermined overhead rate for 2020, assuming Marigold Company estimates total manufacturing overhead costs of $865.200, direct labor costs of $721,000, and direct labor hours of 20.600 for the year Prepare the journal entries to record the assignment of (1) direct materials. (2) direct labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (al. (Credit account tities are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit Work in Process Inventory Raw Materials inventory (2) Work in Process Inventory Factory Labor (3) Work in Process Inventory Manufacturing Overhead