Required information [The following information applies to the questions displayed below.] 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. c. Time tickets record use of the following labor for the month. These wages were paid in cash. 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. e. Transferred Jobs 136,138 , and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $535,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h. Incurred the following actual other overhead costs during the month. i. Applied overhead at month-end to the Work in Process Inventory account (for Job 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. i. Applied overhead at month-end to the Work in Process Inventory account (for Job 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. Journal entry worksheet Record raw material purchases on credit. Journal entry worksheet Record raw material purchases on credit. Note: Enter debits before credits. Journal entry worksheet Record the requisition of direct materials. Note: Enter debits before oredits. Journal entry worksheet 4 Note: Enter debits before credits. Journal entry worksheet Record the entry for direct labor, paid in cash. Note: Enter debits before credits. Journal entry worksheet Record the entry for indirect labor, paid in cash. Note: Enter debits before credits. Journal entry worksheet 1 Record the entry to apply overhead to jobs 136,138 and 139. Note: Enter debits before credits. Journal entry worksheet Record the transfer of completed jobs 136,138 and 139 to finished goods. Note: Enter debits before credits. Journal entry worksheet 2234567 Record the entry for sales on account for Jobs 136 and 138. Note: Enter debits before credits. Journal entry worksheet 1 5 6 Record the entry for the cost of jobs 136 and 138. Note: Enter debits before credits. Journal entry worksheet 1 4 6 8 Record the entry for the actual overhead costs incurred. Note: Enter debits before credits. Journal entry worksheet Record the entry to apply overhead to Jobs 137 and 140 (Work in Process). Note: Enter debits before credits, Required information [The following information applies to the questions displayed below.] 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. c. Time tickets record use of the following labor for the month. These wages were paid in cash. 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. e. Transferred Jobs 136,138 , and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $535,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h. Incurred the following actual other overhead costs during the month. i. Applied overhead at month-end to the Work in Process Inventory account (for Job 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. i. Applied overhead at month-end to the Work in Process Inventory account (for Job 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. Journal entry worksheet Record raw material purchases on credit. Journal entry worksheet Record raw material purchases on credit. Note: Enter debits before credits. Journal entry worksheet Record the requisition of direct materials. Note: Enter debits before oredits. Journal entry worksheet 4 Note: Enter debits before credits. Journal entry worksheet Record the entry for direct labor, paid in cash. Note: Enter debits before credits. Journal entry worksheet Record the entry for indirect labor, paid in cash. Note: Enter debits before credits. Journal entry worksheet 1 Record the entry to apply overhead to jobs 136,138 and 139. Note: Enter debits before credits. Journal entry worksheet Record the transfer of completed jobs 136,138 and 139 to finished goods. Note: Enter debits before credits. Journal entry worksheet 2234567 Record the entry for sales on account for Jobs 136 and 138. Note: Enter debits before credits. Journal entry worksheet 1 5 6 Record the entry for the cost of jobs 136 and 138. Note: Enter debits before credits. Journal entry worksheet 1 4 6 8 Record the entry for the actual overhead costs incurred. Note: Enter debits before credits. Journal entry worksheet Record the entry to apply overhead to Jobs 137 and 140 (Work in Process). Note: Enter debits before credits