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, $200,000 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 requisitions $ 48,000 32,000 19,200 22,400 6,400 128,000 19,500 $ 147,500 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 $ 12,000 10,500 37,500 39,000 3,000 102,000 24,000 1e An 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 $ 12,000 10,500 37,500 39,000 3,000 102,000 24,000 $ 126,000 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 $525,000. 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 Accrued property taxes payable $ 68,000 36,500 10,000 35,000 1. Applied overhead at month end to the Work in Process Inventory account (for Job 137 and Job 140) using the predetermined overhead rate of 200% of direct labor cost. View transaction list Journal entry worksheet Record raw material purchases on credit. Journal Note: Enter debits before credits. Transaction Gene a. Accounts receivable Factory overhead Debit Credit Journal entry worksheet Record the requisition of direct materials. Note: Enter debits before credits. General Journal Debit Credit Transaction b(1). Journal entry worksheet Record the indirect materials. Note: Enter debits before credits. General Journal Debit Credit Transaction b(2) Journal entry worksheet Record the entry for direct labor, paid in cash. Note: Enter debits before credits General Journal Debit Credit Transaction o(1) Journal entry worksheet Record the entry for indirect labor, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit c(2) 1 2 3 4 5 7 8 11 > A ..... Record the entry to apply overhead to jobs 136, 138 and 139. Note: Enter debits before credits Transaction General Journal Debit Credit d. COP Journal entry worksheet 2 3 4 5 6 8 ... 11 > ... Record the transfer of completed jobs 136, 138 and 139 to finished goods. Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheet Record the entry for sales on account for Jobs 136 and 138. Note: Enter debits before credits. Transaction General Journal Debit Credit 1. Journal entry worksheet
