1 Sager Company manufactures variations of its product, a technopress, in response to custom orders from its customers. On May 1, the company had no inventories of work in process or finished goods but held the following raw materials. Material 350 unite $280 - $ 98,000 Materials 145 unite 210 - 30,450 Paint 65 unita 110 - 7,150 Total coat $135,600 Book On May 4, the company began working on two technopresses: Job 102 for Worldwide Company and Job 103 for Reuben Company. a. Purchased raw materials on credit and recorded the following information from receiving reports and invoices. erences Receiving Report No. 426, Material M, 280 units at $280 each. Receiving Report No. 427. Material R, 140 units at $210 each. Instructions: Record these purchases with a single journal entry. Enter the receiving report information on the materials ledger cards. b. Requisitioned the following raw materials for production. Requisition No. 35, for Job 102,189 units of Material M. Requisition No. 36, for Job 102.72 units of Material R. Requisition No. 37, for Job 103,98 units of Material M. Requisition No. 38, for Job 103, 110 units of Material R. Requisition No. 39, for 21 units of paint. Instructions: Enter amounts for direct materials requisitions on the materials ledger cards and the job cost sheets. Enter the indirect materials amount on the materials ledger card. c. Received the following employee time tickets for work in May. Time tickets Nos. 1 to 10 for direct labor on Job 102, $87,000. Time tickets Nos. 11 to 30 for direct labor on Job 103, $57,000. Time tickets Nos. 31 to 36 for equipment repairs, $21,500. Instructions: Record direct labor from the time tickets on the job cost sheets. 1 d. Paid cash for the following items during the month factory payroll, $165,500, and miscellaneous overhead items, $106,000. Use the e. Finished Job 102 and transferred it to the warehouse. The company assigns overhead to each job with a predetermined overhead rate equal to 80% of direct labor cost. ok Instructions: Enter the allocated overhead on the cost sheet for Job 102, fill in the cost summary section of the cost sheets. ht t. Delivered Job 102 and accepted the customer's promise to pay $410,000 within 30 days. Applied overhead cost to Job 103 based on the job's direct labor to date. nces Required: Complete the materials ledger cards for Material M, Material R, and paint using the information given in part a and b. Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. Prepare journal entries for part a through g. Complete this question by entering your answers in the tabs below. Materials Job Cost General Requisition Sheets Journal Prepare journal entries for part a through 9. (If no entry is required for a transactior/event, select "No journal entry required" in the first account field.) View transaction lit View Journal entry worksheet NA Transantian General Jual Dahit Credit 1 Materials Requisition Job Cost Sheets General Journal Prepare journal entries for part a through g. (If no entry is required for a transaction/event, select "No journal entry req account field.) ts View transaction list eBook Journal entry worksheet Print 3 4 5 6 7 8 References Record the payment of factory payroll using the time tickets given in letter c). Note: Enter debits before credits Transaction General Journal Debit Credit C Record entry Clear entry View general Journal MC Materials Requisition Job Cost Sheets General Journal Prepare journal entries for part a through g. (If no entry is required for a transaction/event, select "N account field.) View transaction list Journal entry worksheet 3 5 6 7 8 A Record miscellaneous overhead items, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry Vlew general Journal Journal entry worksheet Record the completion of Job 102 and its transfer to Finished Goods. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general Journal Materials Requisition Job Cost Sheets General Journal Prepare journal entries for part a through g. (If no entry is required for a transaction/event, select "No jour account field.) View transaction list Journal entry worksheet Record cost of goods sold for Job 102. Note: Enter debits before credits. Transaction General Journal Debit Credit f(2) Record entry Clear entry View general Journal account field.) View transaction list Journal entry worksheet Record the application of overhead cost to Jobs 102 and 103. Note: Enter debits before credits. Transaction General Journal Debit Credit g Record entry Clear entry View general Journal 1 Sager Company manufactures variations of its product, a technopress, in response to custom orders from its customers. On May 1, the company had no inventories of work in process or finished goods but held the following raw materials. Material 350 unite $280 - $ 98,000 Materials 145 unite 210 - 30,450 Paint 65 unita 110 - 7,150 Total coat $135,600 Book On May 4, the company began working on two technopresses: Job 102 for Worldwide Company and Job 103 for Reuben Company. a. Purchased raw materials on credit and recorded the following information from receiving reports and invoices. erences Receiving Report No. 426, Material M, 280 units at $280 each. Receiving Report No. 427. Material R, 140 units at $210 each. Instructions: Record these purchases with a single journal entry. Enter the receiving report information on the materials ledger cards. b. Requisitioned the following raw materials for production. Requisition No. 35, for Job 102,189 units of Material M. Requisition No. 36, for Job 102.72 units of Material R. Requisition No. 37, for Job 103,98 units of Material M. Requisition No. 38, for Job 103, 110 units of Material R. Requisition No. 39, for 21 units of paint. Instructions: Enter amounts for direct materials requisitions on the materials ledger cards and the job cost sheets. Enter the indirect materials amount on the materials ledger card. c. Received the following employee time tickets for work in May. Time tickets Nos. 1 to 10 for direct labor on Job 102, $87,000. Time tickets Nos. 11 to 30 for direct labor on Job 103, $57,000. Time tickets Nos. 31 to 36 for equipment repairs, $21,500. Instructions: Record direct labor from the time tickets on the job cost sheets. 1 d. Paid cash for the following items during the month factory payroll, $165,500, and miscellaneous overhead items, $106,000. Use the e. Finished Job 102 and transferred it to the warehouse. The company assigns overhead to each job with a predetermined overhead rate equal to 80% of direct labor cost. ok Instructions: Enter the allocated overhead on the cost sheet for Job 102, fill in the cost summary section of the cost sheets. ht t. Delivered Job 102 and accepted the customer's promise to pay $410,000 within 30 days. Applied overhead cost to Job 103 based on the job's direct labor to date. nces Required: Complete the materials ledger cards for Material M, Material R, and paint using the information given in part a and b. Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. Prepare journal entries for part a through g. Complete this question by entering your answers in the tabs below. Materials Job Cost General Requisition Sheets Journal Prepare journal entries for part a through 9. (If no entry is required for a transactior/event, select "No journal entry required" in the first account field.) View transaction lit View Journal entry worksheet NA Transantian General Jual Dahit Credit 1 Materials Requisition Job Cost Sheets General Journal Prepare journal entries for part a through g. (If no entry is required for a transaction/event, select "No journal entry req account field.) ts View transaction list eBook Journal entry worksheet Print 3 4 5 6 7 8 References Record the payment of factory payroll using the time tickets given in letter c). Note: Enter debits before credits Transaction General Journal Debit Credit C Record entry Clear entry View general Journal MC Materials Requisition Job Cost Sheets General Journal Prepare journal entries for part a through g. (If no entry is required for a transaction/event, select "N account field.) View transaction list Journal entry worksheet 3 5 6 7 8 A Record miscellaneous overhead items, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry Vlew general Journal Journal entry worksheet Record the completion of Job 102 and its transfer to Finished Goods. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general Journal Materials Requisition Job Cost Sheets General Journal Prepare journal entries for part a through g. (If no entry is required for a transaction/event, select "No jour account field.) View transaction list Journal entry worksheet Record cost of goods sold for Job 102. Note: Enter debits before credits. Transaction General Journal Debit Credit f(2) Record entry Clear entry View general Journal account field.) View transaction list Journal entry worksheet Record the application of overhead cost to Jobs 102 and 103. Note: Enter debits before credits. Transaction General Journal Debit Credit g Record entry Clear entry View general Journal