You are the Accountant for a Custom Furniture company. The company uses a job order costing system and applies overhead on the basis of direct labor hours. The January 1, 2024 raw materials inventory balance was $19,000. Actual overhead for January was $106,500 and Direct Labor Hours for January totaled 2,975. The January 31, 2024 raw materials inventory balance was $27,000. During January 2024, Jobs No. 21 & 22 were completed. A single Job, No. 22, was sold for $110,000 during January 2024. January 31, 2024 costing information for jobs 20, 21, 22 and 23 are below. Job No. Direct Materials 20 21 22 23 SSSS $ Tasks: $ $ $ Direct Labor Direct Labor Hours 1,200 825 7,500 $ 4,000 $ 7,000 $ 3,000 $ 18,600 12,788 13,563 3,100 875 200 h The predetermined overhead rate for 2024 is based on the company's estimated total manufacturing overhead during all of 2024 which is $1,265,125 and the estimated total direct labor hours of 34,900. The owner of the company does not have an accounting background and doesn't understand how the balances of the inventory accounts are calculated nor how gross profit is calculated. The owner asked you to prepare a single spreadsheet providing the inventory balances and gross profit for January 2024. Your Excel Spreadsheet must include formulas, formatted cells and at least once text box. 1. Correctly calculate predetermined overhead rate to be used in January 2024. 2. Correctly calculate the balances of the inventory accounts at January 31, 2024 indicating which jobs are included in the balance as applicable. 3. Correctly calculate gross profit for January 2024 indicating which jobs are included as applicable.

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…

During the month of January 2020, the job-cost record for Job 123 shows the following:       Job 123:   Machine Department Assembly Department Manufacturing overhead costs   19 500   7 500   Direct manufacturing labor costs   1 350   1 875   Direct manufacturing labor-hours   30   105   Machine-hours 210 30   Compute the total manufacturing overhead cost allocated to Job 123.   Assume that Job 123 produced 450 units, calculate the cost per unit.

Cullumber 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 $25.000. direct labor $15,000, and manufacturing overhead $20,000. As of January 1, Job 49 had been completed at a cost of $112.500 and was part of finished goods inventory. There was a $18.750 balance in the Raw Materials Inventory account. During the month of January, Cullumber 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 $152,500 and $197.500, respectively. The following additional events occurred during the month. 1 Purchased additional raw materials of $112.500 on account. incurred factory labor costs of $87.500. Of this amount $20,000 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials…

Kapoor Catering Co. uses a job cost system. Its activities in November 2020, the first month of operation, were as follows:

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…

You are the Accountant for a Custom Furniture company. The company uses a job order costing systemand applies overhead on the basis of direct labor hours. The January 1, 2024 raw materials inventorybalance was $19,000. Actual overhead for January was $106,500 and Direct Labor Hours for Januarytotaled 2,975. The January 31, 2024 raw materials inventory balance was $27,000. During January2024, Jobs No. 21 & 22 were completed. A single Job, No. 22, was sold for $110,000 during January2024. January 31, 2024 costing information for jobs 20, 21, 22 and 23 are below.Job No. Direct Materials Direct Labor Direct Labor Hours20 7,500$ 18,600$ 1,20021 4,000$ 12,788$ 82522 7,000$ 13,563$ 87523 3,000$ 3,100$ 200The predetermined overhead rate for 2024 is based on the company’s estimated total manufacturingoverhead during all of 2024 which is $1,265,125 and the estimated total direct labor hours of 34,900.The owner of the company does not have an accounting background and doesn’t understand how…

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Morant, Inc. uses a job order costing system and applies overhead on the basis of 125% of direct labor cost. On June 1, 2024, the balance in the work in process inventory account was $197,100. During June, Morant had the following transactions: Raw materials purchased Raw materials used Direct labor costs incurred Actual manufacturing overhead costs incurred Cost of completed jobs $50,200 $50,800 $48,200 $63,700 $87,000 Assume all raw materials are direct materials. What is the balance in Morant's work in process inventory account at June 30? (Hint: The slide with the fire trucks... what affects the work in process account?] 1