Required information [The following information applies to the questions displayed below.] Widmer Watercraft's predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company's production activities during May 2017 follows. a. Purchased raw materials on credit, $200,000. b. Materials requisitions record use of the following materials for the month $ 50,000 33,500 19,400 23,000 6,800 Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials 132,700 21,000 Indirect materials Total materials $153,700 used c. Paid $15,500 cash to a computer consultant to reprogram factory equipment. d. Time tickets record use of the following labor for the month. These wages were paid in cash. $ 12,000 10,500 38,100 39,000 3,400 Job 136 Job 137 Job 138 Job 139 Job 140 Total direct 103,000 labor 24,500 Indirect labor $127,500 Total e. Applied overhead to Jobs 136, 138, and 139 f. Transferred Jobs 136, 138, and 139 to Finished Goods. g. Sold Jobs 136 and 138 on credit at a total price of $550,000. h. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance) Depreciation of factory building Depreciation of factory equipment Expired factory insurance 11,000 Accrued property taxes payable $68,000 38,000 35,500 i. 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. 3. Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance Work in Process Inventory Raw Materials Inventory a. 200,000 End.bal. 200,000 End.bal. Finished Goods Inventory Factory Overhead End.bal. 0 End.bal. 0 Cost of Goods Sold End.bal. 4. Prepare a report showing the total cost of each job in process and prove that the sum of their costs equals the Work in Process Inventory account balance. Prepare similar reports for Finished Goods Inventory and Cost of Goods Sold. Report of Job Costs Work in Process Inventory Balance Finished Goods Inventory 0 Balance 0 Cost of Goods Sold Balance 0