7 Problem 02-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 The following Information applies to the questions displayed below. of 4 Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit. $220.000. b. Materials requisitions record use of the following materials for the month. OOK Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials used $49000 32,50 20,000 23,000 6,808 131,300 19,500 $150,800 nnt rences c. Pald $15.750 cash to a computer consultant to reprogram factory equipment. d. Time tickets record use of the following labor for the month. These wages were pald in cash. Job 136 Job 137 Job 138 Job 130 Job 140 Total direct labor Indirect labor Total $ 12.200 10700 371920 39,20 31400 303,200 24,500 $127,700 e. Applied overhead to Jobs 136, 138, and 139, f. Transferred Jobs 136, 138, and 139 to Finished Goods g. Sold Jobs 136 and 138 on credit at a total price of $540,000, h. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factor Insurance) Depreciation of factory building Depreciation of factory oui oment 560, 500 38.000 You Job 138 Job 139 Job 140 Total direct labor Indirect labor Total 37,900 39,000 2,400 103,200 24,500 $129,700 of 4 e. Applied overhead to Jobs 136. 138, and 139. f. Transferred Jobs 136, 138, and 139 to Finished Goods. g. Sold Jobs 136 and 138 on credit at a total price of $540,000. h. The company incurred the following overhead costs during the month (credit Prepaid Insur Insurance) ok Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $68,500 38,000 11,000 35,500 nt 1. Applied overhead at month-end to the Work In Process Inventory account (Jobs 137 and 140 overhead rate of 200% of direct labor cost. ences Problem 02-3A Part 1 Required: 1. Prepare a job cost sheet for each job worked on during the month. Job No. 136 Job No. 137 Job No. 138 Job No. 139 Job No. 140 Materials Labor Overhead Total cost $ O $ $ 0 $ 0 $ 0 i. Applied overhead at month-end to the Work In Process Inventory account (Jobs overhead rate of 200% of direct labor cost. Problem 02-3A Part 2 2. Prepare journal entries to record the events and transactions a through / ok View transaction list X 1 Record raw material purchases on credit. 10 > ences 2. Record the requisition of direct and indirect materials. 3. Record payment to computer consultant to reprogram factory equipment. 4 Record the entry for direct and indirect labor, paid in cash. Credit 5 Record the entry to apply overhead to jobs 136, 138 and 139 6 Record the transfer of completed jobs 136,138 and 139 to finished goods. Note: = journal entry has been entered Record entry Clear entry View general journal art 2 of 4 1. Applied overhead at month-end to the Work In Process Inventory account overhead rate of 200% of direct labor cost. points Problem 02-3A Part 2 2. Prepare journal entries to record the events and transactions a through / eBook View transaction list ASK X Pant 13 10 6 Record the transfer of completed Jobs 136,138 and 139 to finished goods. References 7 Record the entry for sales on account for Jobs 136 and 138. B Record the entry for the cost of sales of Jobs 136 and 138 Credit 9 Record other factory overhead (depreciation, insurance and property taxes). 10 Record the entry to apply overhead to Jobs 137 and 140 (Work in Process) Note: - Journal entry has been entered Record entry Clear entry View general journal MC GE 10 ore O Problem 02-3A Part 3 3. Post the Journal 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 End bal 0 End bal 0 Factory Overhead Finished Goods Inventory End Dal End bal Cost of Goods Sold End bal