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ABCDEG1 Job Cost Journal Entries Prior to the beginning of 2019, Lowe Company estimated that it would incur2 $176,000 of manufacturing overhead cost during 2019, using 16,000 direct labor hours to produce3 the desired volume of goods. On January 1, 2019, beginning balances of Materials Inventory, Work-in-4 Process Inventory, and Finished Goods Inventory were $28,000, S-0-, and $43,000, respectively.6 RequiredPrepare general journal entries to record the following for 2019:7a. Purchased materials on account, $39,000.9b. Of the total dollar value of materials used, $31,000 represented direct materials and $11,00010indirect materials.11Deterinined total factory labor, $135,(lo0 (15,000 hrs. @ $9/hr.)12d. Of the factory labor, 80 % was direct and 20% indirect.13e. Applied manufacturing overhead based on direct labor hours to work-in-process.f. Determined actual manufacturing overhead other than those items already recorded, $92,000.1415(Credit Accounts Payable.)16g. Ending inventories of work-in-process and finished goods were $32,000 and $57,000, respectively.Determine the cost of finished goods (credit WIP) and the cost of goods sold (credit FG1718inventory). Make separate entries.19h.Transferred the balance in Manufacturing Overhead to Cost of Goods Sold.202122General Journal2324 ItemDebitCreditDescription25 a26Purchased materials on account272829 b3031To record requisition of direct material and indirect material.323334 c.& d.3536To record distribution of employee wages.373839 e4041To apply manufacturing overhead4243HoursRateOverhead rate4445RateHoursLabor hours46Applied overhead474849 f.50To record other manufacturing overhead incurred.515253 g.54To record cost of finished goods.5556Work in process:57Beginning balanceCharges per entries:58b.596061Total cost62Less ending balanceCost of finished goods6364656667To record cost of goods sold.6869Finished goods:70Beginning balanceCost of goods manufacturedFinished goods availableLess: Ending balanceCost of goods sold7172737475767778To transfer over-applied overhead to the Cost of Goods Sold account.7980Manufacturing overhead:Charges per entries:8182d.83f.84Total actual overhead85Applied overheadOver-applied overhead868788

Question

I need help with the attached image of an excel sheet.  I did great in my first accounting course, but managerial accounting is giving me trouble.

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1 Job Cost Journal Entries Prior to the beginning of 2019, Lowe Company estimated that it would incur
2 $176,000 of manufacturing overhead cost during 2019, using 16,000 direct labor hours to produce
3 the desired volume of goods. On January 1, 2019, beginning balances of Materials Inventory, Work-in-
4 Process Inventory, and Finished Goods Inventory were $28,000, S-0-, and $43,000, respectively.
6 Required
Prepare general journal entries to record the following for 2019:
7
a. Purchased materials on account, $39,000.
9
b. Of the total dollar value of materials used, $31,000 represented direct materials and $11,000
10
indirect materials.
11
Deterinined total factory labor, $135,(lo0 (15,000 hrs. @ $9/hr.)
12
d. Of the factory labor, 80 % was direct and 20% indirect.
13
e. Applied manufacturing overhead based on direct labor hours to work-in-process.
f. Determined actual manufacturing overhead other than those items already recorded, $92,000.
14
15
(Credit Accounts Payable.)
16
g. Ending inventories of work-in-process and finished goods were $32,000 and $57,000, respectively.
Determine the cost of finished goods (credit WIP) and the cost of goods sold (credit FG
17
18
inventory). Make separate entries.
19
h.Transferred the balance in Manufacturing Overhead to Cost of Goods Sold.
20
21
22
General Journal
23
24 Item
Debit
Credit
Description
25 a
26
Purchased materials on account
27
28
29 b
30
31
To record requisition of direct material and indirect material.
32
33
34 c.& d.
35
36
To record distribution of employee wages.
37
38
39 e
40
41
To apply manufacturing overhead
42
43
Hours
Rate
Overhead rate
44
45
Rate
Hours
Labor hours
46
Applied overhead
47
48
49 f.
50
To record other manufacturing overhead incurred.
51
52
53 g.
54
To record cost of finished goods.
55
56
Work in process:
57
Beginning balance
Charges per entries:
58
b.
59
60
61
Total cost
62
Less ending balance
Cost of finished goods
63
64
65
66
67
To record cost of goods sold.
68
69
Finished goods:
70
Beginning balance
Cost of goods manufactured
Finished goods available
Less: Ending balance
Cost of goods sold
71
72
73
74
75
76
77
78
To transfer over-applied overhead to the Cost of Goods Sold account.
79
80
Manufacturing overhead:
Charges per entries:
81
82
d.
83
f.
84
Total actual overhead
85
Applied overhead
Over-applied overhead
86
87
88
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A B C D E G 1 Job Cost Journal Entries Prior to the beginning of 2019, Lowe Company estimated that it would incur 2 $176,000 of manufacturing overhead cost during 2019, using 16,000 direct labor hours to produce 3 the desired volume of goods. On January 1, 2019, beginning balances of Materials Inventory, Work-in- 4 Process Inventory, and Finished Goods Inventory were $28,000, S-0-, and $43,000, respectively. 6 Required Prepare general journal entries to record the following for 2019: 7 a. Purchased materials on account, $39,000. 9 b. Of the total dollar value of materials used, $31,000 represented direct materials and $11,000 10 indirect materials. 11 Deterinined total factory labor, $135,(lo0 (15,000 hrs. @ $9/hr.) 12 d. Of the factory labor, 80 % was direct and 20% indirect. 13 e. Applied manufacturing overhead based on direct labor hours to work-in-process. f. Determined actual manufacturing overhead other than those items already recorded, $92,000. 14 15 (Credit Accounts Payable.) 16 g. Ending inventories of work-in-process and finished goods were $32,000 and $57,000, respectively. Determine the cost of finished goods (credit WIP) and the cost of goods sold (credit FG 17 18 inventory). Make separate entries. 19 h.Transferred the balance in Manufacturing Overhead to Cost of Goods Sold. 20 21 22 General Journal 23 24 Item Debit Credit Description 25 a 26 Purchased materials on account 27 28 29 b 30 31 To record requisition of direct material and indirect material. 32 33 34 c.& d. 35 36 To record distribution of employee wages. 37 38 39 e 40 41 To apply manufacturing overhead 42 43 Hours Rate Overhead rate 44 45 Rate Hours Labor hours 46 Applied overhead 47 48 49 f. 50 To record other manufacturing overhead incurred. 51 52 53 g. 54 To record cost of finished goods. 55 56 Work in process: 57 Beginning balance Charges per entries: 58 b. 59 60 61 Total cost 62 Less ending balance Cost of finished goods 63 64 65 66 67 To record cost of goods sold. 68 69 Finished goods: 70 Beginning balance Cost of goods manufactured Finished goods available Less: Ending balance Cost of goods sold 71 72 73 74 75 76 77 78 To transfer over-applied overhead to the Cost of Goods Sold account. 79 80 Manufacturing overhead: Charges per entries: 81 82 d. 83 f. 84 Total actual overhead 85 Applied overhead Over-applied overhead 86 87 88

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