Please ensure that the information from the picture is changed to the information listed below.Use the information in the problem 4-53 (picture listed below) to prepare journal entries for the month of July with the following CHANGES. First, assume that the company uses a plantwide overhead rate based on direct labor dollars. Also assume that estimated information for the year includes Direct labor dollars of $1,642,000. Finally, assume that the company sells its jobs at a selling price equal to (cost + 25% of cost markup). Problem 4-53 Overhead Application and Job-Order CostingHeurion Company is a job-order costing firm that uses a plantwide overhead rate based ondirect labor hours. Estimated information for the year is as follows:Overhead$789,000Direct labor hours100,000Heurion worked on five jobs in July. Data are as follows:Job 741Job 742Job 743Job 744Job 745Balance, July 1$29,870$27,880$ 0$ 0$ 8,420$5,215Direct materials$25,500$39,800$14,450$13,600Direct labor cost$61,300$48,500$28,700$24,500$21,300Direct labor hours4,0003,4001,9801,6001,400By July 31, Jobs 741 and 743 were completed and sold. The remaining jobs were in process.Required:1. Calculate the plantwide overhead rate for Heurion Company. (Note: Round to thenearest cent.)2. Prepare job-order cost sheets for each job showing all costs through July 31. (Note: Roundall amounts to the nearest dollar.)3. Calculate the balance in Work in Process on July 31.4. Calculate Cost of Goods Sold for July.

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FINANCIAL ACCOUNTING

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Please ensure that the information from the picture is changed to the information listed below.

Use the information in the problem 4-53 (picture listed below) to prepare journal entries for the month of July with the following CHANGES. First, assume that the company uses a plantwide overhead rate based on direct labor dollars. Also assume that estimated information for the year includes Direct labor dollars of $1,642,000. Finally, assume that the company sells its jobs at a selling price equal to (cost + 25% of cost markup).

Problem 4-53 Overhead Application and Job-Order Costing
Heurion Company is a job-order costing firm that uses a plantwide overhead rate based on
direct labor hours. Estimated information for the year is as follows:
Overhead
$789,000
Direct labor hours
100,000
Heurion worked on five jobs in July. Data are as follows:
Job 741
Job 742
Job 743
Job 744
Job 745
Balance, July 1
$29,870
$27,880
$ 0
$ 0
$ 8,420
$5,215
Direct materials
$25,500
$39,800
$14,450
$13,600
Direct labor cost
$61,300
$48,500
$28,700
$24,500
$21,300
Direct labor hours
4,000
3,400
1,980
1,600
1,400
By July 31, Jobs 741 and 743 were completed and sold. The remaining jobs were in process.
Required:
1. Calculate the plantwide overhead rate for Heurion Company. (Note: Round to the
nearest cent.)
2. Prepare job-order cost sheets for each job showing all costs through July 31. (Note: Round
all amounts to the nearest dollar.)
3. Calculate the balance in Work in Process on July 31.
4. Calculate Cost of Goods Sold for July.

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