Please answer urgently and plz check plagiarism Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials$25,600, direct labor $15,360, and manufacturing overhead $20,480. As of January 1, Job 49 had been completed at a cost of$115,200 and was part of finished goods inventory. There was a $19,200 balance in the Raw Materials Inventory account on January1.During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and50 were sold on account during the month for $156,160 and $202,240, respectively. The following additional events occurredduring the month.1.2.3.4.5.Purchased additional raw materials of $115,200 on account.Incurred factory labor costs of $89,600.Incurred manufacturing overhead costs as follows: depreciation expense on equipment $15,360; and various othermanufacturing overhead costs on account $20,480.Assigned direct materials and direct labor to jobs as follows.Job No. Direct Materials$12,80049,92038,400505152Direct Labor$6,40032,00025,600Assigned indirect materials of $21,760 and indirect labor of $25,600. Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor, and (3) manufacturing overhead coststo production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). (List all debit entries beforecredit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)No. Account Titles and Explanation(1)(2)(3)Work in Process InventoryManufacturing OverheadRaw Materials InventoryWork in Process InventoryManufacturing OverheadFactory LaborWork in Process InventoryManufacturing OverheadDebit]]]CreditMOOOOO

Overhead costs include office rent, utilities, insurance, and employee salaries. While some overhead…

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 (1) (2) (3) Work in Process Inventory Manufacturing Overhead Raw Materials Inventory Work in Process Inventory Manufacturing Overhead Factory Labor Work in Process Inventory Manufacturing Overhead Debit Credit

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 (1) (2) (3) Work in Process Inventory Manufacturing Overhead Raw Materials Inventory Work in Process Inventory Manufacturing Overhead Factory Labor Work in Process Inventory Manufacturing Overhead Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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