Paste B B43 fx A B D ACCOUNTS DENT 2 Ref A 4 The compony issued 100,000 shares of common stock for $1.00 per share 5 7 10 11 C 12 13 14 15 16 0 17 18 19 20 21 E 22 23 24 25 26 27 F 28 29 30 31 32 G 33 34 35 36 H 37 38 39 40 F 41 42 43 44 J 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 The company purchased $20,000 of raw materiels on account Raw materials allocoted $4,000 to job 301, $7,000 to job 302, &$5,000 to job 108 Enter these values on the job cost sheets Direct labor for each job Job 101: $5,000 Job 102 $6,000 Jub 10355,000 Enter these values on the job cost sheets CREDIT Actual manufacturing overhead incurred and accrued as a payable was $14,000 plin 53,000 of Accumulted depreciation. (Do not record on job sheets Manufacturing Overhead is applied at a rate of 80% of direct lobor cost BON of $20,000 is $16,000) Apply at the some rate on each job cast sheet. Jobs 101 and 102 were finished and moved to Finished Goods Job 101 was sold to a customer. The price is set at twice the cost of the job The cost of job 101 is moved to Coast of Goods Sold Note that the Manufacturing Overhead has an ending debit balance of $1,000 This is because the Predetermined Overhead Rate of 80% of direct labor cost did not accurately predict the actual amount of overhead incurred At the end of the year, this balance in the MD account must be closed to COGS