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In: Accounting

Weinrich Manufacturing uses a job order cost system and applies overhead to Production on the basis...

Weinrich Manufacturing uses a job order cost system and applies overhead to

Production on the basis of direct labor hours. On January 1, 2016, Job No. 25 was the only job in process

with total costs of $25,000. Estimated overhead costs are $480,000, direct labor costs are

$300,000 and direct labor hours are 20,000 for the year.

a. Calculate the predetermined overhead rate.

b. Prepare the following entries:

1. Purchased raw materials of $50,000 on account.

2. Incurred factory labor costs of $31,500 with $8,000 pertaining

to employee payroll taxes.

3. Request materials for jobs: No. 25 - $5,000, No. 26 -$17,000,

No. 27 - $13,000, along with $10,000 of indirect materials.

4. Assigned direct labor to jobs: No. 25 - $3,000 (for 200 hours) , No. 26 - $12,000

(for 800 hours), No. 27 - $9,000 (for 600 hours), and indirect labor of $7,500.

5. Incurred machinery depreciation of $12,000, and other manufacturing

costs paid of $11,000.

6. Charged overhead to production.

7. Job No. 25 and 27 were finished.

8. Job No. 27 was sold for $63,000 on account.

h. Cleared the overhead account.

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Expert Solution

ekkarill92 answered 2 years ago
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