Part 3 of 4 Required information [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. points 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. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total $ 12,000 10,500 37,500 39,000 3,000 102,000 24,000 $126,000 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 $525,000. h. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). Depreciation of factory $68,000 building Depreciation of factory 36,500 equipment Expired factory insurance 10,000 Accrued property taxes 35,000 payable i. 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. 3. Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance. X Answer is complete but not entirely correct. Raw Materials Inventory Work in Process Inventory 200,000147,500 b. 147,500X355,100 f. d. 126,000 177,000 52,500 27,000 End.bal. End.bal. 122,400 Finished Goods Inventory 361,700X215,700g. Factory Overhead 19,500 177,000 e. 15,000 27,000i. 24,000 149,500 h. End.bal. 146,000 End.bal. 4,000 Cost of Goods Sold 215,700 4,000 End.bal. 219,700 T T 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 Job 137 Job 140 Balance Finished Goods Inventory Job 139 0 Balance Cost of Goods Sold Job 136 Job 138 Balance $ 0