Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post alicosts to the job cost sheets as necessary.Job No. 50DateDirect MaterialsDirect LaborManufacturingBog.Jan.Cost ofcompleted jobDirectmaterialsDircct lahorManutacturingoverheadTotal costJob No. 51DateDirect MaterialsDircct LaborManufacturingJan.%$4Cost ofcompleted jobDirectmaterlalsDirect laborManufacturingoverheadTotal costJob No. 52DateDirect LaborManufacturing OverheadDirect MaterialsJan.Prepare the Journal entry to record the completion of any Job(s) during the month. (List all debit entrlesbefore credit entries. Credit account titles are automatically indented when amount is entered.Do not Indent manually.)Account Titles and ExplanationDebitCrediteTextbook and MediaList of AccountsPrepare the journal entries to record the sale of any job(s) during the month. (List all debit entries beforecredit entries. Credit account titles are automatically indented when amount is entered. Do notindent manually.)No. Account Titles and ExplanationDebitCredit(1)(To record sale of jobs)(2)(To record cost of jobs)eTextbook and MediaList of AccountsWhat is the balance in the Finished Goods Inventory account at the end of the month? (Hint: Use a T-account forFinished Goods Inventory.) What does this balance consist of?Finished Goods Inventory Pharoah 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 asfollows: direct materials $18,000, direct labor $10,800, and manufacturing overhead $14,400. As of January 1, Job 49had been completed at a cost of $81,000 and was part of finished goods inventory. There was a $13,500 balance in theRaw Materlals Inventory account on January 1.During the month of January, Pharoah 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 $109,800 and $142,200, respectively. The followingadditional events occurred during the month.1.Purchased additional raw materials of $81,000 on account.2.Incurred factory labor costs of $63,000.Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,800; and variousother manutacturing overhead costs on account $14,400.3.4.Assigned direct materials and direct labor to jobs as follows.JobDirectDirectNo.MaterialsLabor50$9.000$4,5005135,10022,5005227,00018,0005.Assigned Indirect materlals of $15,300 and Indirect labor of $18,000.Calculate the predetermined overhead rate for 2022, assuming Pharoah Company estimates total manufacturingoverhead costs of $756,000, direct labor costs of $630,000, and direct labor hours of 18,000 for the year.Predetermined overhead rateeTextbook and MediaList of AccountsPrepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3)the manufacturing overhead costs incurred during the month of January. (List all debit entries before creditentrles. Credit account titles are automatically Indented when amount Is entered. Do not Indentmanually.)No.Account Titles and ExplanationDebitCredit(1)(2)(3)eTextbook and MedilaList of AcCountsPrepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturingoverhead 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 whenamount Is entered. Do not Indent manually.)No.Account Titles and ExplanationDebitCredit(1)(2)(3)

Name: Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 bal
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Description: Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Post alicosts to the job cost sheets as necessary.Job No. 50DateDirect MaterialsDirect LaborManufacturingBog.Jan.Cost ofcompleted jobDirectm

Journal entries refers to the entries which are passed to record all the events or the transactions…

Business

Accounting

Pharoah 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 $18,000, direct labor $10,800, and manufacturing overhead $14,400. As of January 1, Job 49 had been completed at a cost of $81.000 and was part of finished goods inventory. There was a $13.500 balance in the Raw Materials Inventory account on January 1. During the month of January, Pharoah 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 $109,800 and $142,200, respectively. The following additional events occurred during the month. 1 Purchased additional raw materials of $81.000 on account. 2. Incurred factory labor costs of $63,000. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,800; and various other manufacturing overhead costs on account $14,400. 3. 4. Assigned direct materials and direct labor to jobs as follows. Direct Materials Direct Labor Job No. 50 $9.000 $4,500 51 35,100 22,500 52 27.000 18,000 5. Assigned indirect materlals of $15,300 and indirect labor of $18,000. Calculate the predetermined overhead rate for 2022, assuming Pharoah Company estimates total manufacturing overhead costs of $756,000, direct labor costs of $630,000, and direct labor hours of 18,000 for the year. Predetermined overhead rate eTextbook and Media List of Accounts Prepare the journal entries to record (1) the purchase of raw materials, (2) the factory labor costs incurred, and (3) the manufacturing overhead costs incurred during the month of January. (List all debit entries before credit entrles. Credit account titles are automatically Indented when amount Is entered. Do not Indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) eTextbook and Medla List of AcCounts Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead costs to prouction. 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 Debit Credit (1) (2) (3)