Required information Problem 15-3A 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, $240,000 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 32,500 19,600 22,600 6,400 129.00 21.000 $150.000 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 $ 12,200 10,500 37,700 Indirect materials Total materials used $150,60 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 $ 12.269 10.See 37,789 39.000 3,60e 103,eee 26,500 $129, see e. Applied overhead to Jobs 136, 138, and 139 1. 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 building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $69,500 37,000 12.000 36,000 1. Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined 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. Problem 15-3A 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 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 Finished Goods Inventory Balance Cost of Goods Sold Balance
