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Problem 16-1A (Part Level Submission)

 

Degelman Company uses a job order cost system and applies overhead to production on the basis

 

of direct labor costs. On January 1, 2014, Job No. 50 was the only job in process. The costs

 

incurred prior to January 1 on this job were as follows: direct materials $26,200, direct labor

 

$15,720, and manufacturing overhead $20,960. As of January 1, Job No. 49 had been completed

 

at a cost of $117,900 and was part of finished goods inventory. There was a $19,650 balance in

 

the Raw Materials Inventory account.

 

During the month of January, Deglman Manufacturing began production on Jobs 51 and 52, and

 

completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for

 

$159,820 and $206,980, respectively. The following additional events occurred during the month.

 

1.

 

2.

 


 

Purchased additional raw materials of $117,900 on account.

 

Incurred factory labor costs of $91,700. Of this amount $20,960 related to employer payroll

 

taxes.

 

Incurred manufacturing overhead costs as follows: indirect materials $22,270; indirect labor

 

$26,200; depreciation expense on equipment $24,890; and various other manufacturing

 

overhead costs on account $20,960.

 

Assigned direct materials and direct labor to jobs as follows.

 


 

3.

 


 

4.

 


 

Job No.

 

50

 

51

 

52

 


 

Direct Materials

 

$13,100

 

51,090

 

39,300

 


 

Direct Labor

 

$6,550

 

32,750

 

26,200

 


 

(a)

 


 

Your answer is correct.

 

Calculate the predetermined overhead rate for 2014, assuming Degelman Company estimates

 

total manufacturing overhead costs of $1,283,800, direct labor costs of $987,538, and direct

 

labor hours of 26,200 for the year. (Round answer to the nearest whole percent, e.g. 25.)

 

Predetermined overhead rate

 


 

130

 


 

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Attempts: 1 of 3 used

 


 

(b)

 

Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet

 

for Job No. 50.

 

Job No. 50

 

Date

 


 

Direct

 

Materials

 


 

Beg.

 


 

Direct

 

Labor

 


 

Manufacturing

 

Overhead

 


 

$

 


 

$

 


 

$

 


 

$

 


 

$

 


 

$

 


 

Jan.

 


 

Cost of completed job

 

$

 


 

Direct materials

 

Direct labor

 

Manufacturing overhead

 


 

$

 


 

Total cost

 

Job No. 51

 

Date

 


 

Direct

 

Materials

 


 

Jan.

 


 

Direct

 

Labor

 


 

Manufacturing

 

Overhead

 


 

$

 


 

$

 


 

$

 


 

$

 


 

$

 


 

$

 


 

Cost of completed job

 

$

 


 

Direct materials

 

Direct labor

 

Manufacturing overhead

 


 

$

 


 

Total cost

 

Job No. 52

 

Dat

 

Direct

 

e

 

Materials

 


 

Direct

 

Labor

 


 

Manufacturing

 

Overhead

 


 

Jan.

 


 

$

 


 

$

 


 

$

 


 

Part C: Prepare The Journal Entries to record the purchase of raw materials, the factory

 

labor costs incurred, and the manufacturing overhead costs incurred during the month of

 

January.

 

Part D: Prepare the journal entries to record the assignment of direct materials, direct

 

labor, and manufacturing overhead costs to production. In assigning manufacturing

 

overhead costs, use overhead rate calculated in Part (A)

 


 

Problem 16-1A (Part Level Submission)

 

Accounts Payable

 

Accounts Receivable

 

Accumulated Depreciation-Buildings

 

Accumulated Depreciation-Equipment

 

Cash

 

Cost of Completed Service Contracts

 

Cost of Goods Sold

 

Depreciation Expense

 

Employer Fringe Benefits Payable

 

Employer Payroll Taxes Payable

 

Factory Labor

 

Factory Wages Payable

 

Finished Goods Inventory

 

Manufacturing Overhead

 

Operating Overhead

 

Prepaid Property Taxes

 

Raw Materials Inventory

 

Salaries and Wages Expense

 

Salaries and Wages Payable

 

Sales

 

Service Contracts in Process

 

Supplies

 

Utilities Payable

 

Work in Process Inventory

 


 

 







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