Sunland Company uses a job order cost system and applies overhead to production on the basis...
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Sunland Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2025, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $18,800, direct labor $11,280, and manufacturing overhead $15,040. As of January 1, Job 49 had been completed at a cost of $84,600 and was part of finished goods inventory. There was a $14,100 balance in the Raw Materials Inventory account on January 1. During the month of January, Sunland 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 $114,680 and $148,520, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $84,600 on account. 2. Incurred factory labor costs of $65,800. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $11,280; and various other manufacturing overhead costs on account $15,040. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $9,400 $4,700 51 36,660 23,500 52 28,200 18,800 5. Assigned indirect materials of $15,980 and indirect labor of $18,800. 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 Beg. Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Direct Materials Direct Labor Manufacturing Overhead $ $ $ $ $ Direct Materials Direct Labor Manufacturing Overhead $ $ $ Direct Materials Direct Labor Manufacturing Overhead Date Jan. $ $ S $ $ Sunland Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2025, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $18,800, direct labor $11,280, and manufacturing overhead $15,040. As of January 1, Job 49 had been completed at a cost of $84,600 and was part of finished goods inventory. There was a $14,100 balance in the Raw Materials Inventory account on January 1. During the month of January, Sunland 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 $114,680 and $148,520, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $84,600 on account. 2. Incurred factory labor costs of $65,800. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $11,280; and various other manufacturing overhead costs on account $15,040. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $9,400 $4,700 51 36,660 23,500 52 28,200 18,800 5. Assigned indirect materials of $15,980 and indirect labor of $18,800. 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 Beg. Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Direct Materials Direct Labor Manufacturing Overhead $ $ $ $ $ Direct Materials Direct Labor Manufacturing Overhead $ $ $ Direct Materials Direct Labor Manufacturing Overhead Date Jan. $ $ S $ $
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Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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