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*GO for Est OH Cost + hours-amt ins text to Graded Problems Problems * Figure out amt overneod & apply it Job Order Costing (

This is for my Managerial Accounting class. I need to complete the Job Order Costing journal entries... Please disregard my notes. I need help/answers. Thank you in advance!
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Answer #1

Predetermined overhead rate = Estimated OH costs/Estimated direct labor hours = $55200/22000 = $2.51 per direct labor hour

Note: The overhead rate has been rounded off to 2 decimal places in the absence of specific instructions regarding rounding off. Answers could vary due to any other rounding off.

Transaction Account Titles and Explanation Debit Credit
1 Raw materials inventory 190300
Accounts payable 190300
(To record raw materials purchased on account)
Work in process inventory 165000
Factory overheads 25300
Raw materials inventory 190300
(To record raw materials issued to production)
2 Work in process inventory 219000
Factory overheads 21500
Cash 240500
(To record factory labor costs paid)
3 Factory overheads 5300
Accumulated depreciation 5300
(To record factory depreciation)
4 Factory overheads 3700
Utilities payable 3700
(To record factory utilities costs incurred)
5 Work in process inventory 57730
Factory overheads 57730
(To record factory overheads applied)
6 Finished goods inventory ($137080 + $72530 + $78550) 288160
Work in process inventory 288160
(To record jobs completed)
7 Accounts receivable/Cash 387000
Sales revenue 387000
(To record jobs sold)
Cost of goods sold ($137080 + $78550) 215630
Finished goods inventory 215630
(To record cost of jobs sold)
8 Factory overheads ($57730 - $55800) 1930
Cost of goods sold 1930
(To close overapplied factory overheads)

Working:

Job # DM Costs DL Costs OH Applied Total Costs
1010 45000 72000 20080 137080
1011 59000 77000 17570 153570
1012 35000 30000 7530 72530
1013 26000 40000 12550 78550
Total 165000 219000 57730 441730
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