(1) (2) (3) Work in Process Inventory Raw Materials Inventory Work in Process Inventory Factory Labor Raw Materials Inventory Work in Process Inventory Manufacturing Overhead 96380 61000 73200 1000 61000 109800 73200
(1) (2) (3) Work in Process Inventory Raw Materials Inventory Work in Process Inventory Factory Labor Raw Materials Inventory Work in Process Inventory Manufacturing Overhead 96380 61000 73200 1000 61000 109800 73200
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter5: Product And Service Costing: Job-order System
Section: Chapter Questions
Problem 17E: During August, Skyler Company worked on three jobs. Data relating to these three jobs follow:...
Related questions
Question
Weat
Subject: acounting
![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 $24,400,
direct labor $14,640, and manufacturing overhead $19,520. As of January 1, Job 49 had been completed at a cost of $109,800 and
was part of finished goods inventory. There was a $18,300 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 $148,840 and $192,760, respectively. The following additional events occurred during
the month.
1.
2.
3.
4.
Purchased additional raw materials of $109,800 on account.
Incurred factory labor costs of $85,400.
Incurred manufacturing overhead costs as follows: depreciation expense on equipment $14,640; and various other
manufacturing overhead costs on account $19,520.
Assigned direct materials and direct labor to jobs as follows.
Job No.
50
51
52
Direct Materials
$12,200
47,580
36,600
Direct Labor
$6,100
30,500
24,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7fe5a73-45e4-4166-8ba1-50e355550dfc%2F065b9ede-d973-49b0-99cd-4cbad5d2708a%2Fv24i7_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 $24,400,
direct labor $14,640, and manufacturing overhead $19,520. As of January 1, Job 49 had been completed at a cost of $109,800 and
was part of finished goods inventory. There was a $18,300 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 $148,840 and $192,760, respectively. The following additional events occurred during
the month.
1.
2.
3.
4.
Purchased additional raw materials of $109,800 on account.
Incurred factory labor costs of $85,400.
Incurred manufacturing overhead costs as follows: depreciation expense on equipment $14,640; and various other
manufacturing overhead costs on account $19,520.
Assigned direct materials and direct labor to jobs as follows.
Job No.
50
51
52
Direct Materials
$12,200
47,580
36,600
Direct Labor
$6,100
30,500
24,400
![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
Work in Process Inventory
e
Your answer is partially correct.
(2)
(3)
Raw Materials Inventory
Work in Process Inventory
Factory Labor
Raw Materials Inventory
Work in Process Inventory
Manufacturing Overhead
Debit
96380
61000
73200
Credit
101
61000
109800
73200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7fe5a73-45e4-4166-8ba1-50e355550dfc%2F065b9ede-d973-49b0-99cd-4cbad5d2708a%2F92kcj9_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
Work in Process Inventory
e
Your answer is partially correct.
(2)
(3)
Raw Materials Inventory
Work in Process Inventory
Factory Labor
Raw Materials Inventory
Work in Process Inventory
Manufacturing Overhead
Debit
96380
61000
73200
Credit
101
61000
109800
73200
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Cornerstones of Cost Management (Cornerstones Ser…](https://www.bartleby.com/isbn_cover_images/9781305970663/9781305970663_smallCoverImage.gif)
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
![Principles of Cost Accounting](https://www.bartleby.com/isbn_cover_images/9781305087408/9781305087408_smallCoverImage.gif)
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
![Cornerstones of Cost Management (Cornerstones Ser…](https://www.bartleby.com/isbn_cover_images/9781305970663/9781305970663_smallCoverImage.gif)
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
![Principles of Cost Accounting](https://www.bartleby.com/isbn_cover_images/9781305087408/9781305087408_smallCoverImage.gif)
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
![Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,