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CH 2 HW Saved Help Save & Exit Submit Check my work 00 Tyler Tooling Company uses a job order cost system with overhead appliJournal entry worksheet A B с D > Record the transfer of completed job 102 to finished goods inventory. Note: Enter debits beJournal entry worksheet 1.5 points А B B с D > eBook Record the transfer of the job sold to cost of goods sold account. Print8 View transaction list Journal entry worksheet 1.5 points < A B с D > eBook Record sales revenue and cash received. Print ReC Journal entry worksheet 1.5 points < А в с D > eBook Record the transfer of the manufacturing overhead account balance to c

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Answer #1
Transaction General Journal Debit Credit
1 Finished goods inventory $ 24,390
               Work in process inventory $ 24,390
(To record the Completion of Finished goods inventory )
2a Cost of Goods Sold $ 35,200
              Finished Goods Inventory $ 35,200
(To record the Cost of Goods Sold for Job 101
2b Cash $ 50,600
              Sales Revenue $ 50,600
(To record the Cash recived )
3 Manufacturing overhead
( $ 21,460 (-) $ 16,660 )
$ 4,800
                Cost of Goods Sold $ 4,800
(To record the transfer of Manufacturing overhead )
Workings :
Predetermined overhead rate
       = Est. Manfacturing OH Costs / Est. Machine hours
        =   $ 231,250/ 62,500
        =   $ 3.7 per MH
Job 101 Job 102 Job 103 Total
Direct materials used $ 10,900 $ 8,000 $ 5,500 $ 24,400
Direct labor $ 16,900 $ 6,400 $ 4,300 $ 27,600
Manufacturing overhead $ 7,400
( $ 3.70 x 2,000 )
$ 9,990
( $ 3.70 x 2,700 )
$ 4,070
( $ 3.70 x 1,100 )
$ 21,460
Total $ 35,200 $ 24,390 $ 13,870 $ 73,460
Status Sold Finished Work in Process
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