Question: Please if you could help me with these asap I'd really appreciate it Raw materials $40,000 Work in process $18,000 Finished goods $35,000 0 The







Raw materials $40,000 Work in process $18,000 Finished goods $35,000 0 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 $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: 34 15 16 17 18 19 20 21 22 23 24 a. Raw materials were purchased on account, $10,000. b. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, 5600,000; indirect labor, $150,000; selling and administrative salaries, $240,000, d. Incurred various selling and administrative expenses (c.8., advertising, sales travel costs, and finished goods warehousing), $367,000 c. Incurred various manufacturing overhead costs (c.8., depreciation, insurance, and utilities), 5500,000. C. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor hours on all jobs during the vear. 8. los costing $1,000,000 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 $2,800,000. The jobs cost $1,690,000 to manufacture according to their job cost sheets 30 31 32 33 34 35 36 37 2 3 41. What is the journal entry to record raw materials used in production? 5 Work in Process Raw Materials 10 2 3 2. What is the ending balance in Raw Materials? 2 3 Ending balance in Raw Materials is: 4 5 Raw Materials 6 40,000 7 (a) (b) Beg. Bal 8 End. Bal 10 11 12 D E 3. What is the journal entry to record the labor costs incurred during the year? Work in Process Manufacturing Overhead Selling and administrative salaries Wages Payable 1 2 D C 4. What is the total amount of manufacturing overhead applied to production during the year? Actual direct labor-hours (a) Predetermined overhead rate (b) Manufacturing overhead applied (a) (b) B C D 1 5. What is the total manufacturing cost added to Work in Process during the year? 2 3 Raw materials used in production Direct labor Manufacturing overhead applied Total manufacturing cost F12 . M D 6. What is the journal entry to record the transfer of completed jobs that is referred to in item g above? 2 Finished Goods Work in Process 1 7. What is the ending balance in Work in Process? 2 3 Work in Process 18,000 (b) (c) 7 (6) (e) Beg. Bal 7 End. Bal. 10 11
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