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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

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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. Job 136 Job 137 Job 138 $ 49,000 33,500 20,000 Job 139 23,400 Job 140 Total direct materials Indirect materials Total materials requisitions 6,800 132,700 20,000 $ 152,700 c. 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 labor cost $ 12,200 10,700 38,100 39,200 4,000 104,200 24,500 $ 128,700 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 $545,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h. Incurred the following actual other overhead costs during the month. Depreciation of factory building Depreciation of factory equipment Expired factory insurance $ 70,000 37,500 10,000 35,500 Accrued property taxes payable 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. Required: 1. Prepare a job cost sheet for each job worked on during the month. Job Number 136 Job Number 137 Job Number 138 Job Number 139 Job Number 140 Materials Labor Overhead Total cost $ 0 $ $ $ $ View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 Raw materials inventory Accounts payable 2 b(1). Factory overhead Raw materials inventory 3 b(2). Factory overhead 4 c(1). 5 c(2). 8 Cash Work in process inventory Factory overhead Cash d. Work in process inventory Factory overhead Finished goods inventory Work in process inventory 7 e. Accounts receivable Sales 8 9 f. g- Factory overhead Accumulated depreciation-Factory building Accumulated depreciation-Factory equipment Prepaid insurance Property taxes payable Work in process inventory Factory overhead 10 h. Sales 11 i. Supplies 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 Ending balance 0 Ending balance Ending balance Factory Overhead Finished Goods Inventory 0 Cost of Goods Sold Ending balance 0 Ending balance 0 4. (a) Compute the total cost of each job in process and prove that the sum of their costs equals the Work In Process Inventory account balance. (b) Compute the total cost of each job finished but not sold, and prove that the sum of their costs equals the Finished Goods Inventory balance. (c) Compute the total cost of each job sold, and prove that the sum of their costs equals the Cost of Goods Sold balance. Total Job Costs (a) Work in Process Inventory Balance (b) Finished Goods Inventory Balance (c) Cost of Goods Sold Balance 0 0 $ 0

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