Check my 1 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 M250 units @ $300 - $ 75,000 Material R 95 units @ 270 25,650 Paint 85 units @ 115 9,775 Total cost $110,425 eBook Print References 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 Receiving Report No. 426, Material M, 300 units at $300 each Receiving Report No. 427. Material R, 90 units at $270 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, 135 units of Material M DON Mattel Return to 1 materials amount on the materials ledger card. c. Received the following employee time tickets for work in May. 20 points Time tickets Nos. 1 to 10 for direct labor on Job 102. $84,000, Time tickets Nos. 11 to 30 for direct labor on Job 103, $60,000 Time tickets Nos. 31 to 36 for equipment repairs, $20,750 Instructions: Record direct labor from the time tickets on the job cost sheets. d. Paid cash for the following items during the month factory payroll $164,750, and miscellaneous overhead items, $132,000. Use the time tickets to record the total direct and indirect labor costs 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 Instructions: Enter the allocated overhead on the cost sheet for Job 102, fill in the cost summary section of the cost sheets. f. Delivered Job 102 and accepted the customer's promise to pay $460,000 within 30 days g. Applied overhead cost to Job 103 based on the job's direct labor to date Check my 1 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 M250 units @ $300 - $ 75,000 Material R 95 units @ 270 25,650 Paint 85 units @ 115 9,775 Total cost $110,425 eBook Print References 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 Receiving Report No. 426, Material M, 300 units at $300 each Receiving Report No. 427. Material R, 90 units at $270 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, 135 units of Material M DON Mattel Return to 1 materials amount on the materials ledger card. c. Received the following employee time tickets for work in May. 20 points Time tickets Nos. 1 to 10 for direct labor on Job 102. $84,000, Time tickets Nos. 11 to 30 for direct labor on Job 103, $60,000 Time tickets Nos. 31 to 36 for equipment repairs, $20,750 Instructions: Record direct labor from the time tickets on the job cost sheets. d. Paid cash for the following items during the month factory payroll $164,750, and miscellaneous overhead items, $132,000. Use the time tickets to record the total direct and indirect labor costs 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 Instructions: Enter the allocated overhead on the cost sheet for Job 102, fill in the cost summary section of the cost sheets. f. Delivered Job 102 and accepted the customer's promise to pay $460,000 within 30 days g. Applied overhead cost to Job 103 based on the job's direct labor to date
