I have to fill in the "Reports of Job Costs", but I can't seem to remember how to do that. I attached my spreadsheet as to where I am at so far.
Widmer Watercraft's predetermined overhead rate for year 2013 is 200% of direct labor. Information on the company's production activities during May 2013 follows. a. Purchased raw materials on credit, $200,000. b. Paid $128,300 cash for factory wages. c. Paid $16,000 cash to a computer consultant to reprogram factory equipment. d. Materials requisitions record use of the following materials for the month. DM Job 136 Job 137 Job 138 Job 139 Job 140 48,500 32,500 19,200 23,000 6,800 Total direct materials Indirect materials 130,000 20,500 Total materials used 150,500 DL Job 136 Job 137 Job 138 Job 139 Job 140 12,200 10,700 38,100 39,400 3,400 Total direct labor Indirect labor 103,800 24,500 Total labor used 128,300 Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable 70,000 37,000 10,000 36,500 j. Applied overhead at month-end to the Goods in Process (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. 2 Prepare journal entries to record the events and transactions a through j. Job 136 Date Direct Material Direct Labor $48,500 Manufacturing Overhead $12,200 $24,400 Cost to complete the job Direct material Direct Labor Manufacturing overhead $48,500 $12,200 $24,400 Total cost $85,100 Job 137 Date Direct Material Direct Labor $32,500 Manufacturing Overhead $10,700 $21,400 Cost to complete the job Direct material Direct Labor Manufacturing overhead $32,500 $10,700 $21,400 Total cost $64,600 Job 138 Date Direct Material Direct Labor $19,200 Manufacturing Overhead $38,100 $76,200 Cost to complete the job Direct material Direct Labor Manufacturing overhead Total cost $19,200 $38,100 $76,200 $133,500 Job 139 Date Direct Material Direct Labor $23,000 Manufacturing Overhead $39,400 $78,800 Cost to complete the job Direct material Direct Labor Manufacturing overhead Total cost $23,000 $39,400 $78,800 $141,200 Job 140 Date Direct Material Direct Labor $6,800 Cost to complete the job Direct material Direct Labor Manufacturing overhead Total cost $6,800 $3,400 $6,800 $17,000 Manufacturing Overhead $3,400 $6,800 Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March. Raw materials Beginning inventory Raw materials purchased (on credit) Factory overhead incurred $18,000 $315,000 Indirect labor used $72,500 $45,000 Indirect materials used Ending Inventory Other overhead costs $162,220 Total factory overhead incurred Direct materials used $(170,000) Indirect materials used $279,720 $(72,500) $90,500 Factory overhead applied Factory payroll Direct labor used Indirect labor used Total payroll cost (paid in cash) (140% of direct labor cost) $199,800 Total factory overhead applied $279,720 $45,000 $244,800 Additional information about units and costs of production activities follows. Units Beginning goods in process inventory Costs $2,600 Ending goods in process inventory $36,000 Beginning goods in process inventory $5,600 Direct materials $3,000 Direct labor $3,300 Factory overhead Started $4,620 $10,920 Status of ending goods in process inventory Direct materials added $170,000 MaterialsPercent complete 90% % Direct labor added $199,800 Labor and overheadPercent complete 35% % Overhead applied (140% of direct labor) $279,720 Total costs $660,440 Ending goods in process inventory During March, 14,000 units of finished goods are sold for $140 cash each. Cost information regarding finished goods follows. Beginning finished goods inventory $175,000 Cost transferred in $610,185 Cost of goods sold $(608,390) Ending finished goods inventory $176,795 $50,255
