Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part 1 & 2 are already done, just need 3 & 4. Thank you. Required information Problem 19-3A Source documents, journal entries, and accounts in

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Part 1 & 2 are already done, just need 3 & 4. Thank you.
Required information Problem 19-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 [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 $ 48,000 32,000 19,200 22,400 6,400 128,000 19,500 $147,500 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. Problem 19-3A Part 1 Required: 1. Prepare a job cost sheet for each job worked on during the month. Materials Labor Overhead Total cost Job No. 136 $ 48,000 12,000 24,000 $ 84,000 Job No. 137 $ 32,000 10,500 21,000 $ 63,500 Job No. 138 $ 19,200 37,500 75,000 $ 131,700 Job No. 139 Job No. 140 $ 22,400 $ 6,400 39,000 3,000 78,000 6,000 $ 139,400 $ 15,400 Problem 19-3A Part 2 2. Prepare journal entries to record the events and transactions a through i. 2 b. Work in process inventory Factory overhead Raw materials inventory 128,000 19,500 147,500 15,000 Factory overhead Cash 15,000 Work in process inventory Factory overhead Cash 102,000 24,000 126,000 177,000 Work in process inventory Factory overhead 177,000 355,100 Finished goods inventory Work in process inventory 355,100 7 g(1). Accounts receivable 525,000 Sales 525,000 g(2) 215,700 Cost of goods sold Finished goods inventory 215,700 Problem 19-3A Part 3 3. Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance. Raw Materials Inventory Work in Process Inventory End.bal. L o End.bal Factory Overhead Finished Goods Inventory End. balo End.bal. Cost of Goods Sold End.bal. Problem 19-3A Part 4 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. Report of Job Costs Work in Process Inventory Balance Finished Goods Inventory Balance Cost of Goods Sold Balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Database Security And Auditing Protecting Data Integrity And Accessibility

Authors: Hassan A. Afyouni

1st Edition

0619215593, 9780619215590

More Books

Students also viewed these Accounting questions

Question

1. What is the origin of the communication discipline?

Answered: 1 week ago

Question

2. What methods do communication scholars use to conduct research?

Answered: 1 week ago