Required information

[The following information applies to the questions displayed below.] Widmer Watercrafts predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the companys production activities during May 2017 follows.

Purchased raw materials on credit, $220,000.

Materials requisitions record use of the following materials for the month.

Job 136	$	49,000
Job 137		33,500
Job 138		20,200
Job 139		22,800
Job 140		7,000
Total direct materials		132,500
Indirect materials		21,000
Total materials used	$	153,500

Paid $15,750 cash to a computer consultant to reprogram factory equipment.

Time tickets record use of the following labor for the month. These wages were paid in cash.

Job 136	$	12,100
Job 137		10,700
Job 138		37,900
Job 139		39,600
Job 140		3,200
Total direct labor		103,500
Indirect labor		25,500
Total	$	129,000

Applied overhead to Jobs 136, 138, and 139.

Transferred Jobs 136, 138, and 139 to Finished Goods.

Sold Jobs 136 and 138 on credit at a total price of $545,000.

The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance).

Depreciation of factory building	$	70,000
Depreciation of factory equipment		38,000
Expired factory insurance		11,000
Accrued property taxes payable		35,500

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.

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
End.bal.	0
					End.bal.	0
Factory Overhead					Finished Goods Inventory
					End.bal.	0
End.bal.	0
Cost of Goods Sold
End.bal.	0