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A16 H M N fx The company applies overhead cost to jobs on the basis of machine-hours worked. For the current year, the company's predetermined overhead tutes we D G Directions Using the following information and templates in each workbook, you will complete the 2 following 4 1. Prepare journal entries to record the preceding transactions 2. Post the entries prepared in step 1 to their respective T-accounts. 3. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 7 4. Prepare and income statement for the year. Information and Data White Corporation is a manufacturer that uses job order costing On January , the company's inventory balances were as follows 10 Raw Antenas 5 12 Work in Process 5 1 Finished Goods $ 20,000 15.000 30,000 The company applies overhead cost to jobs on the basis of machine hours worked for the current year the company's predetermined overhead rates was based on a cost forumulat mot estimated 3450 000 of total manufacturing overhead for an estimated activity level of 75.000 franchinhours. The following transactions were recorded for the year Direction and Date Journal TAccount Income Statement FF - $ A D E F G H N 20 15 The company applies overhead cost to jobs on the basis of machine hours worked for the current year, the company's predetermined overhead rates was based on a cost forumulat that estimated $450,000 of total manufacturing overhead for an estimated activity level of 75,000 machine hours. The following transactions were recorded for the year 16 17 18 A. Raw Fristerials were purchased on account, $410,00 B Raw materials were used in production, $380,000 ($360,000 direct materials and $20,000 19 indirect materials) C. The following costs were accrued for employee services. Direct Labor, S75,000, Indirect Labor, 5110,000, Sales Commissions, 590,000, and Administrative Salaries, $200,000 D Sales travel costs on account) were 517,000 22 E Utility costs (an account) in the factory were $43,000 F. Advertising costs (on account) were $180,000 G Depreciation was recorded for the year $350,000 ($280,000 relates to factory assets and $70,000 relates to selling and administrative assets) H Insurance expired during the year, $10,000 (57.000 relates to factory operations and the remaining relates to selling and administrative activities Manufacturing overhead was applied to production Due to greater than expected demand for its products the company worked 80,000 machine hours on all jobs dunng the year Jobs costing $900,000 to manufacture according to their job cost sheets were completed Directions and Data Journal TAccounts 21 Helpful Formula for calculating / Estimated totalm Predetermined Overhead Rate stimated total am income Statement A D E F G H N 20 15 The company applies overhead cost to jobs on the basis of machine hours worked for the current year, the company's predetermined overhead rates was based on a cost forumulat that estimated $450,000 of total manufacturing overhead for an estimated activity level of 75,000 machine hours. The following transactions were recorded for the year 16 17 18 A. Raw Fristerials were purchased on account, $410,00 B Raw materials were used in production, $380,000 ($360,000 direct materials and $20,000 19 indirect materials) C. The following costs were accrued for employee services. Direct Labor, S75,000, Indirect Labor, 5110,000, Sales Commissions, 590,000, and Administrative Salaries, $200,000 D Sales travel costs on account) were 517,000 22 E Utility costs (an account) in the factory were $43,000 F. Advertising costs (on account) were $180,000 G Depreciation was recorded for the year $350,000 ($280,000 relates to factory assets and $70,000 relates to selling and administrative assets) H Insurance expired during the year, $10,000 (57.000 relates to factory operations and the remaining relates to selling and administrative activities Manufacturing overhead was applied to production Due to greater than expected demand for its products the company worked 80,000 machine hours on all jobs dunng the year Jobs costing $900,000 to manufacture according to their job cost sheets were completed Directions and Data Journal TAccounts 21 Helpful Formula for calculating / Estimated totalm Predetermined Overhead Rate stimated total am income Statement mer w hi Vw DIWPalataaaaaaaaaatasuramutedetarot ite AIS The company applies to cost to join the basis of machine hours worked. For the current year, the company's predetermined eventuadates wil bewed on cours P 0 D. Sales travel Costs on account were $17.000 21 Lycoon court in the factory were F Advertising costs on our) were $100,000 Derection was tecorded for the your $350.000 $200,000 relates to factory out and 170,000 restoring and advent) brutaceaed are the rear $10.000 (5.00 alles to factory operators and the smagusto sing and administrative active Hell Formula for calling Manufacturing over hed to production. Due to greater than expected demand forts products. The company worked 20.000 machine houtson jobs during the year stimated total manufacturing that com Predetermined Overhead Rate Job og $100.000 tonn according to their job cand thens were completed maled total amount of the allocation during the K obs we cold on account to contornets during the year for a total of 1,500,000. The joie caut STO 000 to manufacturit according to the job cost sheets Closet entry in for Underapplied ! Overappiedatum eadem above) 16 it Tech O G Sury 4 3 00 D M N General Journal Page 1 Date Post Ref Account Titles Debit Credit + 10 1 12 2 2 Jou count 3 Type here to seard G 9 Sunny tratlediting Page Layout Data Review Help O POTICHID VIEW Title they see the contented to this.com Fib H N Manctacturing Overhead Account Receive Prepaid Insurance Raw Miro 20,000 Workin 15,000 Salaries & Wages Payable Accum Deprecaution Sales Cost of Goods Sold Sil Comune Accounts Payable Sur T-Acco SOM 59 S POTCTD VIEW Thisted on the teacher dick G M N Smith Corporabon Income Statement For the Year Ended December 31 Now You will we all lines on the formatted statement In Statement 3 Type 50 Sunny