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* Problem 2-1 (Video) Lott Company uses a job order cost system and applies overhead to production on the basis of direct lab

No. Account Titles and Explanation Debit Credit Prepare the journal entries to record the assignment of (1) direct materials,

Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg. Jan. Cost of completed job Direct materials Direct

Debit Credit No. Account Titles and Explanation (1) Accounts Receivable Sales Revenue (To record sale of jobs) (2) Cost of Go

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Answer #1
predetermined overhead rate
Estimated manufacturing overhead/total estimated direct labor costs
882000/735000
120.00%
job no 50
Date Direct direct MOH
materials labor
beg. 21,000 12,600 16,800
Jan 10,500 5,250 6,300
31,500 17,850 23,100
cost of completed job
Direct materials 31,500
direct labor 17,850
MOH 23,100
total cost 72,450
job no 51
Date Direct direct MOH
materials labor
Jan 40,950 26,250 31,500
40,950 26,250 31,500
cost of completed job
Direct materials 40,950
direct labor 26,250
MOH 31500
total cost 98,700
Job 52
Date Direct direct MOH
materials labor
Jan 31,500 21,000 25,200
No Account titles & Explanations Debit Credit
1) Raw materials inventory 94,500
Accounts payable 94,500
2) Factory labor 73,500
Factory wages payable 56,700
employer payroll taxes payable 16,800
3) manufacturing overhead 68,250
raw materials inventory 17,850
Factory labor 21,000
Accumulated depreciation 12,600
Accounts payable 16,800
No Account titles & Explanations Debit Credit
1) Work in process inventory 82,950
Raw materials inventory 82,950
2) work in process inventory 52,500
Factory labor 53,000
3) Work in process inventory 63000
manufacturing overhead 63,000
Account titles & Explanations Debit Credit
finished goods inventory 171,150
work in process inventory 171,150
(job 50 +job 51 =
No Account titles & Explanations Debit Credit
Accounts receivable 294000
sales 294,000
cost of goods sold
finished goods inventory 166,950
(job 49+job 50) 166,950
finished goods inventory 98,700 Job No 51
finished goods inventory
opening 94,500 COGS 166,950
WIP 171,150
end bal 98,700
manufacturing overhead 5,250 under applied
manufacturing overhead
Actual 68,250 Applied 63,000
bal 5,250
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