Prepare job cost record  Global Tire manufactures tires for all-terrain vehicles. Global uses job costing and has a perpetual inventory system. On September 22, Global received an order for 100 TX tires from ATV Corporation at a price of $52 each. The job, assigned number 298, was promised for October 10. After purchasing the materials, Global began production on September 30 and incurred the following direct labor and direct materials costs in completing the order:   Global allocates manufacturing overhead to jobs on the basis of the relation between expected overhead costs ($394,000) and expected direct labor hours (18,000). Job 298 was completed on October 3 and shipped to ATV on October 5.

Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400 balance in the Raw Materials Inventory account. During the month of January, Lott Company 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 $141,520 and $183,280, respectively. The following additional events occurred during the month. 1. 2. 3. 4. Job No. 50 Purchased additional raw materials of $104,400 on account. Incurred factory labor costs of $81,200. Of this amount $18,560 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect…

Baggins Bed and Second Breakfast utilizes a job order costing system. They only had one job for the period. The material requisition form for the period has been provided below:    Direct materials purchased $18,000 Direct materials used $17,600   In addition to the direct materials, the following amounts were incurred during production: $9,200 in direct labor and $6,500 in applied manufacturing overhead. They began the period with $4,300 in beginning balance for this job. What is the ending balance for this job?

Entries for Direct Labor and Factory Overhead Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 201 $6,240 Job 202 7,000 Job 203 5,210 Job 204 6,7500 Factory supervision 4,000 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $18 per direct labor hour. The direct labor rate is $40 per hour. a.  Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.   Work in Process        Factory Overhead        Wages Payable      b.  Journalize the entry to apply factory overhead to production for November. If an amount box does not require an entry, leave it blank.   Work in Process        Factory Overhead