IV. (6 points) Watson Manufacturing Company employs a job order cost records. Th

Question

IV. (6 points) Watson Manufacturing Company employs a job order cost records. The following transactions occurred in the first month somting 1. Direct materials requisitioned during the month: operations:d keeps Job 101 Job 102 Job 103 $20,000 16,000 24,000 2. Direct labor incurred and charged to jobs during the month was: Job 101 Job 102 Job 103 S32,000 28,000 20,.000 3. Manufacturing overhead was applied to jobs worked on using a predetermined overhead rate based on 75% of direct labor costs. 4. Actaal manufacturing overhead costs incurred during the month were factory depreciation expense $20,000 and other overhead expenses incurred on account, $46,000. 5. Jobs 101 Job 102 were completed during the month. Instructions (a) Prepare journal entries to record the above transactions. 62, f ti Entry # Account Title Debit Credit 0

Explanation / Answer

Work in process inventory

1) 60000

2) 80000

The amount of work in process = 5000

Manufacturing overhead

The amount of Underapplied manufacturing overhead = 6000

1) 60000

2) 80000

5) 135000 Bal. 5000 (140000-135000)

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