g. Sold Jobs 136 and 138 on credit at a total price of $550,000. h. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory Insurance). Depreciation ot factory equipment1 37,0 $69.000 Expired factory insurance 10,000 : Accrued property taxes payable lllll 36,500. L. Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. 1. Prepare a job cost sheet for each job worked on during the month Materia's Labor Overhead Total cost 33.500$ 20,000S22,800 s 10,600 21,200 548,000$ 6,600 3,200 12,000 24,000 37,700 75,400 78.000 S84,000S65.300 133,100S 139,800S16,200 Prevs 5 6 7 8 of 9 Next > 9 Widmer watercraft's predetermined overhead rate for the year 2017 is 200% of direct labor, Information on the company's production activities during May 2017 follows a. Purchased rew materials on credit, $240,000 b. Materials requisitions record use of the following materials for the month Job 136 Job 137 Job 138 Job 139 Job 140 Total direct naterials Indirect materials $ 48,000 33,500 20,000 22,800 6,600 130,900 20,500 $151,400 c. Paid $16,000 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 ob 139 Job 140 otal direct labor Indirect labor $ 12.000 10,600 37.700 39,000 3,200 102,500 25,000 $127 500 6 78 of 9 Job 138 37-700 3,200 25,000 Job 140 Indirect labor Total $127.500 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 $550,000. h. The company incurred the following overhead costs during the month (credit Prepald Insurance for expired factory insurance. Depreciation of factory building $69,000 37,000 10,000 36,500 Expired factory insurance l Applied overheed at month-end to the Work in Process Inventory accopnt (lobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. 2. Prepare journal entries to record the events and transactions through View journal entry worksheet 3. Post the Journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance. End.bal. End.bal End bal End bal of End bal 7 8 of 9 Next > L Applied overheed 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. 4. Prepare a report showing the total cost of each job In process and prove that the sum of their costs equals the Work in Process Inventory account balance. Prepare similar reports for Finished Goods Inventory and Cost of Goods Sold. Work in Process Inventory Balance Finished Goods Inventory Balance Cost of Goods Sold Balance KPrey8 of 9Next > 9 is
