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Cullumber Company uses a job order cast 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 $16,800, direct labor $10,000, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber 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 $102.480 and $132,720, respectively. The following additional events occurred during the month. 1 Purchased additional raw materials of $75,600 on account. 2 Incurred factory labor costs of $58,800. 3 Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various other manufacturing overhead costs on account $13,440. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $8,400 $4,200 51 32.760 21,000 52 25.200 16,800 5. Assigned indirect materials of $14,280 and indirect labor of $16,800. 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 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 material Total cost Job No. 52 Date Jan. Direct Materials Direct Labor Manufacturing Overhead

Cullumber Company uses a job order cast 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 $16,800, direct labor $10,000, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber 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 $102.480 and $132,720, respectively. The following additional events occurred during the month. 1 Purchased additional raw materials of $75,600 on account. 2 Incurred factory labor costs of $58,800. 3 Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various other manufacturing overhead costs on account $13,440. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $8,400 $4,200 51 32.760 21,000 52 25.200 16,800 5. Assigned indirect materials of $14,280 and indirect labor of $16,800. 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 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 material Total cost Job No. 52 Date Jan. Direct Materials Direct Labor Manufacturing Overhead

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter4: Accounting For Factory Overhead
Section: Chapter Questions
Problem 9P: Channel Products Inc. uses the job order cost system of accounting. The following is a list of the...
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Cullumber Company uses a job order cast 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 $16,800, direct labor $10,000, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber 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 $102.480 and $132,720, respectively. The following additional events occurred during the month. 1 Purchased additional raw materials of $75,600 on account. 2 Incurred factory labor costs of $58,800. 3 Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various other manufacturing overhead costs on account $13,440. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $8,400 $4,200 51 32.760 21,000 52 25.200 16,800 5. Assigned indirect materials of $14,280 and indirect labor of $16,800. 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 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 material Total cost Job No. 52 Date Jan. Direct Materials Direct Labor Manufacturing Overhead
Transcribed Image Text:Cullumber Company uses a job order cast 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 $16,800, direct labor $10,000, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber 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 $102.480 and $132,720, respectively. The following additional events occurred during the month. 1 Purchased additional raw materials of $75,600 on account. 2 Incurred factory labor costs of $58,800. 3 Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various other manufacturing overhead costs on account $13,440. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $8,400 $4,200 51 32.760 21,000 52 25.200 16,800 5. Assigned indirect materials of $14,280 and indirect labor of $16,800. 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 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 material Total cost Job No. 52 Date Jan. Direct Materials Direct Labor Manufacturing Overhead
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