company's Journal mts in job Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the production activities during May follows. a. Purchased raw materials on credit, $200,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139. Job 140. Total direct materials Indirect materials Total materials used $ 48,000 32,000 19,200 22,400 6,400 128,000 19,500 $147,500 c. Paid $15,000 cash to a computer consultant to reprogram factory equipment. d. 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 $ 12,000 10,500 37,500 39,000 3,000 102,000 24,000 $126,000 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 $525,000. h. Ine company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). and Analysis Depreciation of factory building Depreciation of factory equipment $68,000 36,500 Expired factory Insurance.. Accrued property taxes payable $10.000 35.000 1. Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. Required 1. Prepare a job cost sheet for each job worked on during the month. Use the following simplified form. Job No. Materials Labor. Overhead 2. Prepare journal entries to record the events and transactions a through i. Check (2e) C. Factory 3. Set up T-accounts for each of the following general ledger accounts, each of which started the month Overhead. $177.000 with a zero balance: Raw Materials Inventory, Work in Process Inventory, Finished Goods Inventory, Factory Overhead, Cost of Goods Sold. Then post the journal entries to these T-accounts and deter- mine the balance of each account. 4. Prepare a report showing the total cost of each job in process and prove that the sum of their costs (4) Finished Goods Inventory, equals the Work in Process Inventory account balance. Prepare similar reports for Finished Goods $139,400 Inventory and Cost of Goods Sold