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

Question

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 $         21,400         , direct labor $         12,840         , and manufacturing overhead $         17,120         . As of January 1, Job No. 49 had been completed at a cost of $         96,300          and was part of finished goods inventory. There was a $         16,050          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 $         130,540          and $         169,060         , respectively. The following additional events occurred during the month.

1.
Purchased additional raw materials of $         96,300          on account. 2.
Incurred factory labor costs of $         74,900         . Of this amount $         17,120          related to employer payroll taxes. 3.
Incurred manufacturing overhead costs as follows: indirect materials $         18,190         ; indirect labor $         21,400         ; depreciation expense on equipment $         20,330         ; and various other manufacturing overhead costs on account $         17,120         . 4.
Assigned direct materials and direct labor to jobs as follows.
Job No.
Direct Materials
Direct Labor 50
$         10,700         
$         5,350          51
        41,730         
        26,750          52
        32,100         
        21,400                 Calculate the predetermined overhead rate for 2014, assuming Degelman Company estimates total manufacturing overhead costs of $         1,048,600         , direct labor costs of $         806,615         , and direct labor hours of         21,400          for the year. (Round answer to the nearest whole percent, e.g. 25.)
redetermined overhead rate
                  % Correct
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
Direct Labor
Manufacturing Overhead Beg.
$                  
$                  
$                   Jan.
                 
                 
                 

$                  
$                  
$                  





Cost of completed job





   Direct materials




$                      Direct labor




                     Manufacturing overhead




                  Total cost




$                  
Job No. 51 Date
Direct Materials
Direct Labor
Manufacturing Overhead Jan.
$                  
$                  
$                  

$                  
$                  
$                  





Cost of completed job





   Direct materials




$                      Direct labor




                     Manufacturing overhead




                  Total cost




$                  
Job No. 52 Date
Direct Materials
Direct Labor
Manufacturing Overhead Jan.
$                  
$                  
$                  
If you could show me how you got the answers that would be great thanks !
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 $ 21,400 , direct labor $ 12,840 , and manufacturing overhead $ 17,120 . As of January 1, Job No. 49 had been completed at a cost of $ 96,300 and was part of finished goods inventory. There was a $ 16,050 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 $ 130,540 and $ 169,060 , respectively. The following additional events occurred during the month.

Explanation / Answer

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

Direct Labor

Manufacturing Overhead

Beg.

$ 21400

$ 12840

$ 17120

Jan.

10700

5350

$ 32100

$ 18190

$ 24075

Cost of completed job

Direct materials

$ 32100

Direct labor

18190

Manufacturing overhead

24075

Total cost

$ 74365

Job No. 51

Date

Direct Materials

Direct Labor

Manufacturing Overhead

Jan.

$ 41730

$ 26750

$ 34775

$ 41730

$ 26750

$ 34775

Cost of completed job

Direct materials

$ 41730

Direct labor

26750

Manufacturing overhead

34775

Total cost

$ 103255

Job No. 52

Date

Direct Materials

Direct Labor

Manufacturing Overhead

Jan.

$ 32100

$ 21400

$ 27820

Job No. 50

Date

Direct Materials

Direct Labor

Manufacturing Overhead

Beg.

$ 21400

$ 12840

$ 17120

Jan.

10700

5350

$ 32100

$ 18190

$ 24075

Cost of completed job

Direct materials

$ 32100

Direct labor

18190

Manufacturing overhead

24075

Total cost

$ 74365

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