Required: 1. Prepare a job cost sheet for each job worked on during the month. Answer is complete and correct. Job No. 137 33,500 Job No. 138 Job No. 136 48,500 12,000 Job No. 139 23,000 Materials $ $ $ $ $ 19,600 38,100 Job No. 140 6,600 3,400 Labor 39,000 Overhead 24,000 84,500 10,600 21,200 65,300 76,200 133,900 78,000 140,000 6,800 16,800 Total cost $ $ $ $ $ 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, $260,000. 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 $ 48,500 33,500 19,600 23,000 6,600 131,200 20,000 $151,200 c. Paid $15,750 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 10,600 38,100 39,000 3,400 103, 100 25,000 $128,100 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 $540,000. h. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $70,000 37,500 11,000 35,000 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. 2. Prepare journal entries to record the events and transactions a through i. Answer is not complete. No Transaction General Journal Debit Credit 1 a. 260,000 Raw materials inventory Accounts payable 260,000 2 b. 131,200 Work in process inventory Factory overhead Raw materials inventory 21,500 3 c. Factory overhead Cash 4 d. Work in process inventory Factory overhead Cash 5 e. Work in process inventory Factory overhead 6 f. Finished goods inventory Work in process inventory 4 d. Work in process inventory Factory overhead Cash 5 e. Work in process inventory Factory overhead 6 f. Finished goods inventory Work in process inventory 7 g(1). Accounts receivable Sales 8 g(2) Cost of goods sold Finished goods inventory 9 h. Factory overhead Accum. depreciation-Factory building Accum. depreciation Factory equipment Prepaid insurance Property taxes payable OOOOO 10 i. Work in process inventory 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. 0 End.bal. 0 Factory Overhead Finished Goods Inventory End.bal. 0 End.bal. Cost of Goods Sold End.bal. 0