Question: please I need the answers with explaination Question 1 (30 minutes; 31 points) Tyler Tooling Company uses a job order cost system with overhead applied

please I need the answers with explaination Question 1 (30 minutes; 31please I need the answers with explaination

points) Tyler Tooling Company uses a job order cost system with overhead

Question 1 (30 minutes; 31 points) Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of direct labor hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $420,000 and total labor hours at 60,000 The Company reported the following inventory account balances for January 2018 (beginning of the fiscal year); January 31 $? Account Raw Materials Work-in-Process Finished Goods January 1 $ 18,000 $ 20,000 $22,000 $? $? The following additional information describes the company's operations for January. All the transactions are on account: a. Material purchased on account $137,000 b. Requisitioned materials to production totaling $30,000, 80 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. d. Time tickets indicated that $28,500 was direct labor and $1,900 was indirect labor. Hourly wage is $15. e. Recorded depreciation: $2,500 for factory machines, $900 for the copier used in the administrative office. f. Recorded $4,000 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. & incurred $1,800 in other factory costs. h. Cost of Goods Available for sales before any sale transactions) $90,400 1. Sold jobs costing $70,000. The revenue earned on these jobs was $91,000. Required: 1. (3 points) Provide the Je to record the use of material in production 2. (3 points) Provide the Je to record the labor costs 3. (3 points) What were the total manufacturing overhead costs for January? 4. (3 points) Compute and interpret the POHR 5. (4 points) Prepare the Je to apply overhead to the jobs in January 6. (3 points) What was the cost of goods manufactured for January? z (3 points) What was the amount of the finished goods inventory on January 31s? 8. (3 points) What was the amount of the Work-in-Process inventory on January 31"? 9. (6 points) What is the Company Gross profit for the month ended January 31'? Tyler Cooling Company uses a job order cost system whead applied to products on the $420.000 and total labor hours at 60.000 director hours. For the upcoming year, the companyated its totalmanca The company reported the following into account balances for 2016 epifcal year Account January 1 January 31 Raw Materials $ 18,000 $? Work in Process $ 20,000 $? Finished Goods $22.000 $? The following additional information describes the company's operations for latuary. All the transactions are on account: a Mater purchased on account $137,000 Requisitioned materials to production totaling $30.000, 80 percent of which was traced to secific jobs and the remainder of which was treated as indirect materials d. The tickets indicated that $28,500 was direct labor and $1.900 was indirect labor, Hourly wages SIS Recorded depreciation: $2.500 for factory machines $900 for the coperted in the intrative Recorded 94.000 of expired murance, Forty percent was insurance on the manufacturing tacity, with the remainder classified as an administrative expende ured 1.200 in other factory costs. Cost of Goods valable for sales before any actions S00,400 Sold john coming $70.000. The revenue eamed on Deejot was $91,000 Required points Provide the Je to record the wintert in production po Provide the Je to recorde Opowiat were the mannerhe costs for a Come and interpret the e points Prepare the sto pole und for any Open Wat the cost of coci 1 What was the mount of the goods or on any 317 What was the amount of the year What is the Company Gemontended amay 317 1

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