Manufacturing Overhead Pharoah Company uses a job order cost system and applies overhead to production on the basis of d

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Manufacturing Overhead
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 $22,400, direct labor $13,440, and manufacturing overhead
$17,920. As of January 1, Job 49 had been completed at a cost of
$100,800 and was part of finished goods inventory. There was a
$16,800 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 $136,640 and $176,960,
respectively. The following additional events occurred during the
month.
1. Purchased additional raw
materials of $100,800 on account.
2. Incurred factory labor
costs of $78,400.
3. Incurred manufacturing
overhead costs as follows: depreciation expense on equipment
$13,440; and various other manufacturing overhead costs on account
$17,920.
4. Assigned direct materials
and direct labor to jobs as follows.

Job No.
Direct Materials
Direct Labor
50 $11,200
$5,600
51 43,680
28,000
52 33,600
22,400

5. Assigned indirect materials
of $19,040 and indirect labor of $22,400.
(a)
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Calculate the predetermined overhead rate for 2022, assuming
Pharoah Company estimates total manufacturing overhead costs of
$940,800, direct labor costs of $784,000, and direct labor hours of
22,400 for the year.
Predetermined overhead rate
enter the predetermined overhead rate in
percentages
120
%
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(c)
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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 entries. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(1)
enter an account title
Raw Materials Inventory
enter a debit amount
100800
enter a credit amount
enter an account title
Accounts Payable
enter a debit amount
enter a credit amount
100800
(2)
enter an account title
Factory Labor
enter a debit amount
78400
enter a credit amount
enter an account title
Payroll Liabilities
enter a debit amount
enter a credit amount
78400
(3)
enter an account title
Manufacturing Overhead
enter a debit amount
31360
enter a credit amount
enter an account title
Accumulated Depreciation-Equipment
enter a debit amount
enter a credit amount
13440
enter an account title
Accounts Payable
enter a debit amount
enter a credit amount
17920
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(d1)
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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
Debit
Credit
(1)
enter an account title
Work in Process Inventory
enter a debit amount
88480
enter a credit amount
enter an account title
Manufacturing Overhead
enter a debit amount
19040
enter a credit amount
enter an account title
Raw Materials Inventory
enter a debit amount
enter a credit amount
107520
(2)
enter an account title
Work in Process Inventory
enter a debit amount
56000
enter a credit amount
enter an account title
Manufacturing Overhead
enter a debit amount
22400
enter a credit amount
enter an account title
Factory Labor
enter a debit amount
enter a credit amount
78400
(3)
enter an account title
Work in Process Inventory
enter a debit amount
67200
enter a credit amount
enter an account title
Manufacturing Overhead
enter a debit amount
enter a credit amount
67200
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(b) & (d2)
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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.
$enter a dollar amount
22400
$enter a dollar amount
13440
$enter a dollar amount
17920
Jan.
enter a dollar amount
11200
enter a dollar amount
5600
enter a dollar amount
6720
$enter a total amount
33600
$enter a total amount
19040
$enter a total amount
24640

Cost of completed job
Direct materials
$enter a dollar amount
33600
Direct labor
enter a dollar amount
19040
Manufacturing overhead
enter a dollar amount
24640
Total cost
$enter a total of the three previous amounts
77280
Job No. 51
Date
Direct Materials
Direct Labor
Manufacturing Overhead
Jan.
$enter a dollar amount
43680
$enter a dollar amount
28000
$enter a dollar amount
33600
$enter a total amount
43680
$enter a total amount
28000
$enter a total amount
33600

Cost of completed job


Direct materials


$enter a dollar amount
43680
Direct labor


enter a dollar amount
28000
Manufacturing overhead
enter a dollar amount
33600
Total cost
$enter a total amount
105280
Job No. 52
Date
Direct Materials
Direct Labor
Manufacturing Overhead
Jan. $enter a dollar amount

33600
$enter a dollar amount
22400
$enter a dollar amount
26880
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(e)
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Prepare the journal entry to record the completion of any job(s)
during the month. (List all debit entries before credit entries.
Credit account titles are automatically indented when amount is
entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
enter an account title
Finished Goods Inventory
enter a debit amount
182560
enter a credit amount
enter an account title
Work in Process Inventory
enter a debit amount
enter a credit amount
182560
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(f)
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Prepare the journal entries to record the sale of any job(s) during
the month. (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)
enter an account title to record sale of jobs
Accounts Receivable
enter a debit amount
313600
enter a credit amount
enter an account title to record sale of jobs
Sales Revenue
enter a debit amount
enter a credit amount
313600
(To record sale of jobs)
(2)
enter an account title to record cost of jobs
Cost of Goods Sold
enter a debit amount
178080
enter a credit amount
enter an account title to record cost of jobs
Finished Goods Inventory
enter a debit amount
enter a credit amount
178080
(To record cost of jobs)
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(g)
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What is the balance in the Finished Goods Inventory account at the
end of the month? What does this balance consist of?
Finished Goods Inventory

$enter the balance in the finished goods inventory account in
dollars
105280
select an option
Job No. 51
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(h)
What is the amount of over- or underapplied overhead?
Manufacturing Overhead

$enter the manufacturing overhead in dollars
select an option
Underapplied