Need help with the following accounting problem.
Problem 19-5A Production transactions, subsidiary records, and source documents LO P1, P2, P3, P4 Sager Company manufactures variations of its product, a technopress, in response to custom orders from its customers. On May 1, the company had no inventories of work in process or finished goods but held the following raw materials. Material M Material R Paint Total cost 400 units 120 units 85 units @ @ @ $270 - 200 - 85 = $108,000 24,000 7,225 $139,225 On May 4, the company began working on two technopresses: Job 102 for Worldwide Company and Job 103 for Reuben Company. a. Purchased raw materials on credit and recorded the following information from receiving reports and invoices. Receiving Report No. 426, Material M, 270 units at $270 each. Receiving Report No. 427, Material R, 115 units at $200 each. Record these purchases with a single journal entry. Enter the receiving report information on the materials ledger cards. b. Requisitioned the following raw materials for production. Requisition No. 35, for Job 102, 216 units of Material M. Requisition No. 36, for Job 102, 72 units of Material R. Requisition No. 37, for Job 103, 112 units of Material M. Requisition No. 38, for Job 103, 91 units of Material R. Requisition No. 39, for 15 units of paint. Enter amounts for direct materials requisitions on the materials ledger cards and the job cost sheets. Enter the indirect materials amount on the materials ledger card. Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. JOB COST SHEET Customer's Name Worldwide Company Direct Materials Requisition Number Amount Direct Labor Time Ticket Number Amount Job No. 102 Overhead Costs Applied Rate % Amount Total 0 Total 0 Summary of Costs Total cost of Job Customer's Name Reuben Company Direct Materials Amount Direct Labor Time Ticket Number Amount Job No. 103 Overhead Costs Applied Rate % Amount Requisition Number Total 0 Total 0 Summary of Costs Total cost of Job View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record the purchase of raw materials on credit from the receiving reports and invoices given in letter a). Record these purchases with a single journal entry. Note: Enter debits before credits. Transaction Debit Credit a. General Journal Raw materials inventory Accounts payable Record entry Clear entry View general journal Problem 19-5A Production transactions, subsidiary records, and source documents LO P1, P2, P3, P4 Sager Company manufactures variations of its product, a technopress, in response to custom orders from its customers. On May 1, the company had no inventories of work in process or finished goods but held the following raw materials. Material M Material R Paint Total cost 400 units 120 units 85 units @ @ @ $270 - 200 - 85 = $108,000 24,000 7,225 $139,225 On May 4, the company began working on two technopresses: Job 102 for Worldwide Company and Job 103 for Reuben Company. a. Purchased raw materials on credit and recorded the following information from receiving reports and invoices. Receiving Report No. 426, Material M, 270 units at $270 each. Receiving Report No. 427, Material R, 115 units at $200 each. Record these purchases with a single journal entry. Enter the receiving report information on the materials ledger cards. b. Requisitioned the following raw materials for production. Requisition No. 35, for Job 102, 216 units of Material M. Requisition No. 36, for Job 102, 72 units of Material R. Requisition No. 37, for Job 103, 112 units of Material M. Requisition No. 38, for Job 103, 91 units of Material R. Requisition No. 39, for 15 units of paint. Enter amounts for direct materials requisitions on the materials ledger cards and the job cost sheets. Enter the indirect materials amount on the materials ledger card. Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. JOB COST SHEET Customer's Name Worldwide Company Direct Materials Requisition Number Amount Direct Labor Time Ticket Number Amount Job No. 102 Overhead Costs Applied Rate % Amount Total 0 Total 0 Summary of Costs Total cost of Job Customer's Name Reuben Company Direct Materials Amount Direct Labor Time Ticket Number Amount Job No. 103 Overhead Costs Applied Rate % Amount Requisition Number Total 0 Total 0 Summary of Costs Total cost of Job View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record the purchase of raw materials on credit from the receiving reports and invoices given in letter a). Record these purchases with a single journal entry. Note: Enter debits before credits. Transaction Debit Credit a. General Journal Raw materials inventory Accounts payable Record entry Clear entry View general journal
