3 Required information [The following information applies to the questions displayed below.] Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows: Part 3 of 4 a. Purchased raw materials on credit, $220.000. b. Materials requisitions record use of the following materials for the month. 8 03:11:45 Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials requisitions $ 50,000 33,680 19,682 22,880 7,480 132,800 21,888 $ 153,888 c. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost $ 12,200 10,660 37,980 39,888 3,480 103, 100 24,500 $ 127,689 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $540,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h. Incurred the following actual other overhead costs during the month. Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $ 69,00 36,500 12,880 35, see L Applied overhead at month-end to the Work In Process Inventory account (for Job 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. 3. Post the joumal entries for the transactions to the following T-accounts, each of which started the month with a zero balance. Raw Materials Inventory Work in Process Inventory a. Ending balance 01 Ending balance Factory Overhead Finished Goods Inventory Ending balance Ending balance 0 c. Time tickets record use of the following labor for the month. These wages were paid in cash. 2 Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost $ 12,280 10.600 37,980 39,880 3,480 103,100 24,500 $ 127,600 Part 2 of 4 8 03:11:50 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory f. Sold Jobs 136 and 138 on credit at a total price of $540,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h. Incurred the following actual other overhead costs during the month. Depreciation of factory building $ 69,880 Depreciation of factory equipment 36,500 Expired factory insurance 12,880 Accrued property taxes payable 35, see L. Applied overhead at month-end to the Work In Process Inventory account (for Job 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. 2 Prepare foumal entries to record the events and transactions a through I. Transaction General Journal Debit Credit No 1 Raw materials inventory Accounts payable 2 (1). Work in process inventory Factory overhead Raw materials inventory 3 b/2). Factory overhead Cash 4 c(1). Work in process inventory Factory overhead Cash 5 o/2). Work in process inventory Factory overhead 6 d. Finished goods inventory Work in process inventory 7 Accounts receivable Sales 8 f. Cost of goods sold Finished goods inventory 9 9 Factory overhead Accumulated depreciation-Factory building Prepaid insurance