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, $220,000. 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 $ 48,000 32,000 19,400 22,400 7,200 129,000 20,000 Total materials requisitions $ 149,000 c. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 $ 12,300 Job 137 Job 138 Job 139 Job 140 Total direct labor Indirect labor 10,500 37,500 39,400 3,800 103,500 27,000 Total labor cost $ 130,500 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. Depreciation of factory building $ 68,500 Depreciation of factory equipment Expired factory insurance 38,000 10,000 Accrued property taxes payable 36,500 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. 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 a. 220,000 d. 149,000 d. e. f. 129,000 103,500 178,400 Ending balance 71,000 178,400 f. 28,600 h. Ending balance 203,900 Factory Overhead Finished Goods Inventory Ending balance Cost of Goods Sold Ending balance 0 Ending balance 0