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Best Technology Co manufactures DVDs for computer software and entertainment companies. Best uses job order costing On June 2, Best bogan production of 5,200 DVDs, Job 423, for Stick People Pictures for $1.60 sales price per DVD. Best promised to deliver the DVDs to Stick People Pictures by June 5. Best incurred the following direct costs: Click the icon to view the costs.) Click the icon to view additional information) Data table st cation rate (round to two decimal places), then allocate Date calculate the predetermined overhead allocation rate and apply 6/02 6/03 Labor Time Record No. 655 656 Description Amount 10 hours @ $16 per hour $ 160 20 hours 514 per hour 280 5 Date Materials Requisition No 63 64 74 67 6/02 Description 31 lbs polycarbonate plastic 512 perib 25 lbs acryic plastic 527 perib 3bretined aluminum 548 por Amount S 372 075 6/02 6/03 overhead allocated 154 144 - More info Best Technology allocates manufacturing overhead to jobs based on the relation between estimated overhead of $540,000 and estimated direct labor costs of $400,000. Job 423 was completed and shipped on June 3. Requirements 1. Prepare a job cost record for Job 423. Calculate the predetermined overhead allocation rate (round to two decimal places); then allocate manufacturing overhead to the job. 2. Journalize in summary form the requisition of direct materials and the assignment of direct labor and the allocation of manufacturing overhead to Job 423. Wages are not yet paid. 3. Journalize completion of the job and the sale of the 5,200 DVDs on account. Best Technology Co. manufactures DVDs for computer software and entertainment companies. Best uses job order costing. On June 2, Best began production of Requirement 1. Prepare a job cost record for Job 423. Calculate the predetermined overhead allocation rate (round to two decimal places), then allocate manufacturing overhead to the job Begin by determining the total amount of direct materials and direct labor incurred on the job. Next, calculate the predetermined overhead allocation rate and apply manufacturing overhead to the job Lastly, compute the total cost of Job 423 and the cost per DVD. Job Cost Record Job No. 423 Customer Name Stick People Job Description 5,200 DVDs Date Promised 6-5 Date Started 6-2 Date Completed 8-3 Manufacturing overhead allocated Labor Time Requisition Date Amount Number Date Direct materials Direct labor Record Number Amount Rate Amount R2 279 REE of direct Brandt 1 S 160 best loch Hology Co. manufactures DVDs for computer software and entertainment companies. Bestuses job order costing. On June 2, Bost began production of 6-2 63 372 655 $ labor cost 6-2 64 675 Overall Cost Summary 63 74 144 656 280 Direct materials Direct labor Manufacturing overhead Allocated Total Job Cost Totals Cost per DVD Requirement 2. Journalize in summary form the requisition of direct materials and the assignment of direct labor and the allocation of manufacturing overhead to Job 423. Wages are not yet paid. (Record debits first, then credits Exclude explanations from any joumal entries.) Start by journalizing the use of direct materials Accounts Debit Credit Jun 3 Date Start by journalizing the use of direct materials. Date Accounts Debit Credit Jun 3 Next, journalize the use of direct labor. Date Accounts Debit Credit Jun 3 Now journalize the allocation of overhead to Job 423. Best Technology Co. manufactures DVDs for computer software and entertainment companies. Best uses job order costing. On June 2, Best beg Now journalize the allocation of overhead to Job 423. Date Accounts Debit Credit Jun 3 Requirement 3. Journalize completion of the job and the sale of the 5,200 DVDs on account. (Record debits first, then credits. Exclude explanations journal entries.) Begin by preparing the entry to show the completion of the job, Debit Credit Jun 3 Date Accounts Next, journalize the revenue portion of the sale of Job 423. Date Accounts Debit Credit Jun 3 Finally, journalize the cost of goods portion of the sale. Date Accounts Debit Credit Jun 3

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