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. 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 $530,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h. Incurred the following actual other overhead costs during the month. 1. 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 1. 2. Prepare journal entries to record the events and transactions a through i. Record the requisition of direct materials. 3 Record the indirect materials. 4 Record the entry for direct labor, paid in cash. 5 Record the entry for indirect labor, paid in cash. 6 Record the entry to apply overhead to jobs 136,138 and 139. 7 Record the transfer of completed jobs 136, 138 and 139 to finished goods. 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. 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 $530,000. g. Recorded the cost of goods sold for Jobs 136 and 138 . h. Incurred the following actual other overhead costs during the month. 1. 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. Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance. Required information \begin{tabular}{|l|l|l|l|l|} \hline & Factory Overhead \\ \hline Ending balance & & \\ \hline & & & & \\ \hline \end{tabular} Finished Goode Inventory