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Farm Equipment, Inc., produces tractors and other farm machinery. Each piece of equipment is built to customer specications. During May, its rst month of operations, Farm Equipment, Inc., began working on three customer orders: jobs 1 , 2, and 3. The following transactions occurred during May: 0 Purchased production materials on account totaling $450,000 Processed material requisitions for the following items: - Job 1 direct materials $77,600 Job 2 direct materials $38,600 Job 3 direct materials $45,000 Indirect materials $87,000 0 Processed timesheets showing the following: Job 1 direct labor hours (700 hours) $14,800 Job 2 direct labor hours (550 hours) $11,800 Job 3 direct labor hours (300 hours) $ 6,500 Indirect labor $ 9,700 0 Applied overhead using a predetermined rate of 160 percent of direct labor cost Completed job 1 and transferred it to nished goods Delivered job 1 to the customer and billed her $140,000. (Hint: Two entries are requiredone for the cost ofthe goods and another for the revenue.) Required: Calculate the production costs incurred in May for each ofthe three jobs. (Answers must be entered as numbers only. No spaces, dollar signs, commas, decimals, etc. Example: 50000) Job 1 Job 2 Job 3 Total A. D. G. Direct Materials $ W $ [W $ 45000 $161,200 . B. E. H. Direct Labor $ W $ W $ 6500 $33,100 Manufacturing C. F. I. Overhead $| 23680 $| 18880 $ 10400 $52960 Total Cost Per Job: $116,080 $69,280 $61 ,900 $247,260 Using the previous information, make the appropriate journal entry for each item described above. Assume all payments will be made next month. You will use the following accounts at least once: Raw Materials Inventory, Accounts payable, WIP Inventory, Manufacturing Overhead, Raw Materials Inventory, Wages Payable. (Answers must be entered as numbers only. No spaces, dollar signs, commas, decimals, etc. Example: 50000) 05/01/20XX J_| FPW We\" $450,000 K. I W Ray $450,000 Purchased Production Materials on Account 05/XX/20XX WIP Inventory L. $ I 161200 M. Manufacturing O/head $| 8700 Raw materials Inventory $248,200 Transfer Raw Materials into WIP N. $ 33100 05/XX/20XX WIP Inventory $9,700 Manufacturing Overhead Wages Payable $42,800 Apply labor costs to Inventory 05/01/20XX WIP Inventory $52,960 Manufacturing Overhead $52,960 Apply Man. Overhead to Inventory costs