Assignment #2 Weeks G47 (Chapter 5 24 4 Raviten Company uses a job order costing system. On January 1, the beginning of

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Assignment #2 Weeks G47 (Chapter 5 24 4 Raviten Company uses a job order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows Sterials work in process 119,00 $30,000 The company applies overhead cost to jobs on the basis of machine hours. For the cument year the company estimated that it would work 26.600 machine-hours and incur $106.530 is manufacturing overhead cost. The following transactions were recorded for the Raw materials were purchased on account $212.000 Raw materials were requisitioned for use in production $196.000 (80% drect and 20% indirect The following costs were incurred for employee services Art Direct labor tales comissions ww $ 37,000 Heat power and water costs were incurred in the factory: $44,700 e Prepaid insurance expired during the year $13,000 85% relates to factory operations, and 15% relates to selling and administrative activibes) Advertising costs were incurred $53,000 g. Depreciation was recorded for the year: $63.600 (90% relates to factory operations, and 10% relates to selling and administrative activitied h. Manufacturing overhead cost was applied to production The company recorded 41.200 machine-hours for the year 1. Goods that cost $500,500 to manufacture according to their job cost sheets were transferred to the finished goods warehouse Sales for the year totalled $727,900 and were all on account. The total cost to manufacture these goods according to the job cost sheets was $500.300 Required 1. Prepare journal entries to record the transactions given above (Do not round intermediete calculations. If no entry is required for
TE Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction ist Journal entry worksheet < 1 Note: Enter debits before credits Transaction a 4 Record entry 5 Raw materials were purchased on account: $212,000. General Journal 7 Clear entry ***** Debit 11 Credit View general journal
4 2. Prepare Taccounts for inventories, Manufacturing Overhead, and Cost of Goods Sold Post relevant data from your journal entries to these 1-accounts (don't forget to enter the opening balances in your inventory accounts) Compute an ending balance in each account 24 pom Beg Bal End Bal Beg Bal End Bal Beg Ba End Bal Raw Materiale Work in Process Fished Goods Beg Bal O Overapplied overhead Ounderapplied overhead i End Ba Beg Bat End Bal Mancing Overal Cost of Goods Sol 3-6. Is manufacturing overhead underapplied or overapplied for the year?
ent #2 Weeks 667 (Chapter 5) 3-a. Is manufacturing overhead underapplied or overapplied for the year? O Overapplied overhead O Underapplied overhead 3-b. Prepare a journal entry to property dispose of any balance in the Manufacturing Overhead account. (Do not round intermediate calculations and round your final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required in the first account field) View transaction list Journal entry worksheet Record the entry to properly dispose of any balance in the Hanufacturing Overhead account. Nota: Enter debita bere credits Event 1 Record entry Clear entry Dobit Credit 252Hms.mbeducation.com/6252Fmghmiddleware252Fmhepre View general journal
4. Prepare an income statement for the year. (Do not round intermediate calculations and round your final answers to nearest whole dollar amount) Selling and administ RAVSTEN COMPANY become and For the Year Ended December 31