Question

Tyler Tooling Company uses a job order cost system with overhead applied to products on the...

Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the uJournal entry worksheet <AB co Record the transfer of the job sold to cost of goods sold account. Note: Enter debits before c

Journal entry worksheet « А в со Record sales revenue and cash received. Note: Enter debits before credits.

Journal entry worksheet < A B C D Record the transfer of the manufacturing overhead account balance to cost of goods sold. No

Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $205,920 and total machine hours at 62,400. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $10,800 $ 8,700 $ 4,900 $ 24,400 Direct labor $ 16,100 $ 6,100 $ 5,700 $ 27,900 Machine hours 1,400 hours 2,700 hours 600 hours 4,700 hours Job 101 was completed and sold for $50,100. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $10,610. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and cost of goods sold for Job 101. 3. Prepare the journal entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations.) View transaction list Journal entry worksheet B C D Record the transfer of completed job 102 to finished goods inventory.
Journal entry worksheet <AB co Record the transfer of the job sold to cost of goods sold account. Note: Enter debits before credits.
Journal entry worksheet « А в со Record sales revenue and cash received. Note: Enter debits before credits.
Journal entry worksheet < A B C D Record the transfer of the manufacturing overhead account balance to cost of goods sold. Note: Enter debits before credits.
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Answer #1

Solution:

Predetermined overhead rate = $205920/ 62400 = $3.30 per machine hour

Tyler Tooling
Journal Entries
No Account Titles and Explanation Debit Credit
A Finished Goods Inventory [$8700+ $6100+ (2700*$3.30)] 23710
      Work in Process Inventory 23710
B Cost of Goods sold [$10800+ $16100 +(1400*$3.30)] 31520
      Finished Goods Inventory 31520
C Cash 50100
      Sales Revenue 50100
D Manufacturing Overhead [(4700*$3.30) - $10610] 4900
      Cost of Goods sold 4900
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