costs for the year are $1,537,800. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $370,000 77,000 46,000 $493,000 1. Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Reg 4 Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. Factory Overhead Actual overhead 1,537,800 1,537,800 0 Required information [The following information applies to the questions displayed below.] 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, $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 $ 50,000 33,500 20,200 22,400 6,800 132,900 20,000 $152,900 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 10,800 38,100 39,400 3,800 104,100 26,500 $ 130, 600 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 factory insurance) Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $ 69,500 37,500 11,000 35,500 i. 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. 2. Prepare journal entries to record the events and transactions a through i. View transaction list Journal entry worksheet Record the entry for sales on account for Jobs 136 and 138. Note: Enter debits before credits. General Journal Debit Credit Transaction 9(1). Record entry Clear entry View general journal 2. Prepare journal entries to record the events and transactions a through i. View transaction list Journal entry worksheet Record the entry for the cost of sales of Jobs 136 and 138. Note: Enter debits before credits. General Journal Debit Credit Transaction g(2) Record entry Clear entry View general journal 2. Prepare journal entries to record the events and transactions through / View transaction list Journal entry worksheet Record other factory overhead (depreciation, insurance and property taxes). Note: Enter debits before credits. Transaction h. General Journal Debit Credit Record entry Clear entry View general Journal 2. Prepare journal entries to record the events and transactions a through i. View transaction list Journal entry worksheet Record the entry to apply overhead to Jobs 137 and 140 (Work in Process). Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal costs for the year are $1,537,800. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $370,000 77,000 46,000 $493,000 1. Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Reg 4 Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. Factory Overhead Actual overhead 1,537,800 1,537,800 0 Required information [The following information applies to the questions displayed below.] 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, $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 $ 50,000 33,500 20,200 22,400 6,800 132,900 20,000 $152,900 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 10,800 38,100 39,400 3,800 104,100 26,500 $ 130, 600 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 factory insurance) Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $ 69,500 37,500 11,000 35,500 i. 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. 2. Prepare journal entries to record the events and transactions a through i. View transaction list Journal entry worksheet Record the entry for sales on account for Jobs 136 and 138. Note: Enter debits before credits. General Journal Debit Credit Transaction 9(1). Record entry Clear entry View general journal 2. Prepare journal entries to record the events and transactions a through i. View transaction list Journal entry worksheet Record the entry for the cost of sales of Jobs 136 and 138. Note: Enter debits before credits. General Journal Debit Credit Transaction g(2) Record entry Clear entry View general journal 2. Prepare journal entries to record the events and transactions through / View transaction list Journal entry worksheet Record other factory overhead (depreciation, insurance and property taxes). Note: Enter debits before credits. Transaction h. General Journal Debit Credit Record entry Clear entry View general Journal 2. Prepare journal entries to record the events and transactions a through i. View transaction list Journal entry worksheet Record the entry to apply overhead to Jobs 137 and 140 (Work in Process). Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal