Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets.

Exercise 15-02 a-b (Video) (Part Level Submission) Bonita Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,890 and two jobs in process: Job No. 429 $2,540, and Job No. 430 $1,350. During May, a summary of source documents reveals the following. Materials Labor Time Job Number Requisition Slips Tickets 429 52,980 $2,100 430 4,000 3,500 431 4,560 $11,540 7,700 $13,300 General use 900 1,670 $12,440 $14,970 Bonita Company applies manufacturing overhead to jobs at an overhead rate of 64% of direct labor cost. Job No. 429 is completed during the month. (a) Your answer is partially correct. Try again. Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) May 31 Work in Process Inventory 11540 Manufacturing Overhead 9001 Raw Materials Inventory 12440 (2) 31 Work in Process Inventory 13300 Manufacturing Overhead 1670 X Salaries and Wages Payable 14970 (3) 31 Work in Process Inventory 8512 Manufacturing Overhead 8512 (4) 31 Finished Goods Inventory 8964 Work in Process Inventory 8964 click Fuld like to che forthin to cho... Worl for this wortis. Che Woda non (b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost she Work in Process Inventory > Job Beginning Work No. in Process Job Cost Sheets Direct Direct Material Labor Manufacturing Overhead Total 430 S $ S $ S 431 $ $ Problem 15-01A a-h (Video) (Part Level Submission) Waterway Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $25,000, direct labor $15,000, and manufacturing overhead $20,000. As of January 1, Job 49 had been completed at a cost of $112.500 and was part of finished goods inventory. There was a $18.750 balance in the Raw Materials Inventory account. During the month of January, Waterway Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $152,500 and $197,500, respectively. The following additional events occurred during the month. 1. 2. 3. Purchased additional raw materials of $112,500 on account. Incurred factory labor costs of $87,500. Of this amount 520,000 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials $21,250; indirect labor s25,000; depreciation expense on equipment $15,000; and various other manufacturing overhead costs on account $20,000. Assigned direct materials and direct labor to jobs as follows. 4 Job No. 50 51 52 Direct Materials $12,500 48,750 37,500 Direct Labor 56,250 31,250 25,000 (a) Your answer is correct. Calculate the predetermined overhead rate for 2020, assuming Waterway Company estimates total manufacturing overhead costs of $1,050,000, direct labor costs of 5875,000, and direct labor hours of 25,000 for the year. Predetermined overhead rate 12014 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Attempts: 1 of 3 used (c) Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) HE EPIC o