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PA2-4 (Algo) Preparing Journal Entries (LO 2-S1) Tyler Tooling Company uses a job order cost system...


PA2-4 (Algo) Preparing Journal Entries (LO 2-S1) Tyler Tooling Company uses a job order cost system with overhead applied to
(If no entry is required for a transaction/event, select No Journal Entry Required in the first account field. Do not round
(If no entry is required for a transaction/event, select No Journal Entry Required in the first accou intermediate calculat
(If no entry is required for a transaction/event, select No Journal Entry Required in the first account intermediate calcul
omework i Saved (If no entry is required for a transaction/event, select No Journal Entry Required in the first accoun inte
PA2-4 (Algo) Preparing Journal Entries (LO 2-S1) 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 $215,220 and total machine hours at 63,300. 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 $11,200 $ 7,800 $4,200 $ 23,200 Direct labor $ 17,400 $ 5,200 $5,000 $ 27,600 Machine hours 1,900 hours 2,700 hours 800 hours 5,400 hours Job 101 was completed and sold for $50,200. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $13,760. 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
(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < K A B C D Record the transfer of completed job 102 to finished goods inventory. at 3 Note: Enter debits before credits nces Transaction General Journal Debit Credit 01 Record entry Clear entry View general journal
(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first accou intermediate calculations.) View transaction list Journal entry worksheet < A с D > Record the transfer of the job sold to cost of goods sold account. Note: Enter debits before credits. Transaction General Journal Debit Credit 02.a Record entry Clear entry View general journal
(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account intermediate calculations.) View transaction list Journal entry worksheet < AB D Record sales revenue and cash received. Note: Enter debits before credits. ces Transaction General Journal Debit Credit 02.b Record entry Clear entry View general journal
omework i Saved (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first accoun intermediate calculations.) View transaction list Journal entry worksheet < A B C Record the transfer of the manufacturing overhead account balance to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit 03 Record entry Clear entry View general journal
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Journal entries

No General Journal Debit Credit
1 Finished goods (7800+5200+2700*3.4) 22180
Work in process 22180
2 Cost of goods sold (11200+17400+1900*3.4) 35060
Finished goods 35060
3 Account receivable 50200
Sales revenue 50200
4 Manufacturing overhead (18360-13760) 4600
Cost of goods sold 4600

Applied overhead = 5400*3.4 = 18360

Actual overhead = 13760

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