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Practice Problem 2 Cost Flows, Journal Entries Specialty Components began 2002 with three jobs in process: Job No. TOO 247 Direct Material $ 77,200 TYPE OF COST Direct Labor $ 91,400 Overhead $ 34,732 Total S 203,332 251 253 176,600 145.400 209,800 169.600 79,724 _64.448 466,124 379.448 Totals $399.200 S470.800 $178.904 $1.048.904 During 2002, the following transactions occurred: 1. The firm purchased and paid for $532,000 of raw material. 2. Factory payroll records revealed the following: Indirect labor incurred was $54,000. Direct labor incurred was $602,800 and was associated with the jobs as follows: Job No. Direct Labor Cost 247 $17,400 251 8,800 253 21,000 254 136,600 255 145,000 256 94,600 257 179,400 S602 800 3. Material requisition forms issued during the year revealed the following: Indirect material issued totaled $76,000. Direct material issued totaled S468,400 and was associated with the jobs as follows: Job No. 247 251 253 254 Direct Material Cost $14,400 6,200 16,800 103,200 119,800 72,800 135,200 $468.400 255 256 257 4. Overhead is applied to jobs on the basis of direct labor costs. Management budgeted overhead of $240,000 and total direct labor cost of $600,000 for 2002, Actual total factory overhead costs (including indirect labor and indirect material) for the year were $244,400. 5. Jobs #247 through #255 were completed and delivered to customers, C.O.D. The revenue on these jobs was $2,264,774. Required: a. Prepare journal entries for all of the above events. b. Determine ending balances for jobs still in progress. c. Determine cost of jobs completed, adjusted for under-applied or over-applied overhead