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Please answer all especially questions 2, 3 and 4 Preparing job cost sheets, recording costs, preparing inventory ledger accounts P1 P2 P3 Watercraft's predetermined overhead
Please answer all especially questions 2, 3 and 4
Preparing job cost sheets, recording costs, preparing inventory ledger accounts P1 P2 P3 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. c. Time tickets record use of the following labor for the month. These wages were paid in cash. d. Applied overhead to Jobs 136,138 , and 139. c. Transferred Jobs 136,138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $525,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h. Incurred the following actual other overhead costs during the month. g. Recorded the cost of goods sold for Jobs 136 and 138 . h. Incurred the following actual ether overhead costs during the month. 1. Applied overhed at meech-ead in the Work in Prosess Invenbary acceunt (for Job 137 and Job 140) using the prodelcrmined overised rate of 200% of direct fabor cout Required 1. Prepare a job cost sheet fer each job worked oe during the moed. Use the following simplifed formL. 2. Prepure foural entries to record the events and transactioes a turough i. Invectory, Factory Orerhead, Cost of Goodi Sols Post the journal cotries to these Tracsounts and deternine the coling balanct of cach account. 4. (a) Compule the total cost of cach job in proces and prove that the sum of their costs equals the Work in Proses Invcntory account balance. (b) Compute the meal cost of cach job finisbed but not sold, ind prove that the sum of their couts equals the Finished Cocds imveniory balance. (c) Compute the lotal cont of each job wids, and prove that the sum of their costi equals the Com of Goodi Sold balance. Check (2d) Cr. Factory Oyerhead, 5177,000 (4) Finished Goods Imentary, 5139,400 Step by Step Solution
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