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Problem 2 - 4 A ( Algo ) Preparing job cost sheets, recording costs, preparing inventory ledger accounts LO P 1 , P 2 ,
Problem A Algo Preparing job cost sheets, recording costs, preparing inventory ledger accounts LO P P P
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Watercrafts predetermined overhead rate is of direct labor. Information on the companys production activities during May follows.
Purchased raw materials on credit, $
Materials requisitions record use of the following materials for the month.
Job $
Job
Job
Job
Job
Total direct materials
Indirect materials
Total materials requisitions $
Time tickets record use of the following labor for the month. These wages were paid in cash.
Job $
Job
Job
Job
Job
Total direct labor
Indirect labor
Total labor cost $
Applied overhead to Jobs and
Transferred Jobs and to Finished Goods Inventory.
Sold Jobs and on credit at a total price of $
Recorded the cost of goods sold for Jobs and
Incurred the following actual other overhead costs during the month.
Depreciation of factory building $
Depreciation of factory equipment
Expired factory insurance
Accrued property taxes payable
Applied overhead at monthend to the Work in Process Inventory account for Job and using the predetermined overhead rate of of direct labor cost.
Problem A Algo Part
Post the journal entries for the transactions to the following Taccounts, each of which started the month with a zero balance.
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