Question 7 of 8 > - / 2.5 Current Attempt in Progress Wildhorse Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $26,000, direct labor $15,600, and manufacturing overhead $20,800. As of January 1, Job 49 had been completed at a cost of $117,000 and was part of finished goods inventory. There was a $19,500 balance in the Raw Materials Inventory account on January 1. During the month of January, Wildhorse Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $158,600 and $205,400, respectively. The following additional events occurred during the month. 1. 1 Purchased additional raw materials of $117,000 on account. 2. Incurred factory labor costs of $91,000. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $15,600; and various other manufacturing overhead costs on account $20,800. 4. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $13,000 $6,500 51 50,700 32,500 52 39,000 26,000 5. Assigned indirect materials of $22,100 and indirect labor of $26,000. (a) Calculate the predetermined overhead rate for 2022, assuming Wildhorse Company estimates total manufacturing overhead costs of $1,092,000, direct labor costs of $910,000, and direct labor hours of 26,000 for the year. Predetermined overhead rate 120 % e Textbook and Media List of Accounts Attempts: 0 of 3 used Submit Answer Save for Later Last saved 14 minutes ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Using multiple attempts will impact your score. 10% score reduction after attempt 2 Question 7 of 8 - /2.5 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Raw Materials Inventory 1,17.000 Accounts Payable 1,17,000 (2) 2 Factory Labor 91,000 Salaries and Wages Payable 91,000 (3) 3 Manufacturing Overhead 36,400 Accumulated Depreciation Equipment 15,600 Accounts Payable 20,800 e Textbook and Media List of Accounts Attempts: 0 of 3 used Submit Answer Save for Later Last saved 14 minutes ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Using multiple attempts will impact your score. 10% score reduction after attempt 2 (d1) Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) 1) (2) (3) e Textbook and Media Question 7 of 8 - / 2.5 Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post all costs to the job cost sheets as necessary. Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg Jan $ Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan $ $ $ Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan $ $ e Textbook and Media List of Accounts Question 7 of 8 -/2.5 Prepare the journal entry to record the completion of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Attempts: 0 of 3 used Submit Answer Save for Later Using multiple attempts will impact your score. 10% score reduction after attempt 2 (f) Prepare the journal entries to record the sale of any job(s) during the month. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (To record sale of jobs) (2) (To record cost of jobs) e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 2 (g) What is the balance in the Finished Goods Inventory account at the end of the month? (Hint: Use a T-account for Finished Goods Inventory) What does this balance consist of? Finished Goods Inventory $ e Textbook and Media (h) What is the amount of over- or underapplied overhead? Manufacturing Overhead $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 2