Required information (The following information applies to the questions displayed below.] Widmer 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 Total materials used $ 48,500 33,000 19,800 23,000 6,800 131, 100 21,000 $152,100 c. Paid $15,250 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. Job 136 Job 137 Job 138 Job 139 Job 140 $ 12,200 10,600 37,700 39,200 3,200 u. Te ulnes TELUI use UI LTE TUTIUVITY TOVUI TUI LIETILI. THESE vayes were POIU HII LADI. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total $ 12,200 10.600 37,700 39,200 3,200 102,900 25,500 $128,400 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 Accrued property taxes payable $70,000 37,500 11,000 35,000 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. Required: 1. Prepare a job cost sheet for each job worked on during the month. 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 Insur expired factory insurance). Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $70,000 37,500 11,000 35,000 i. Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) u the predetermined overhead rate of 200% of direct labor cost. Required: 1. Prepare a job cost sheet for each job worked on during the month. Job No. 136 Job No. 137 Job No. 138 Job No. 139 Job No. 140 Materials Labor Overhead Total cost Journal entry worksheet Record raw material purchases on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal -. Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero alance. Raw Materials Inventory Work in Process Inventory End.bal. End bal. Factory Overhead Finished Goods Inventory End.bal. End.bal Cost of Goods Sold End.bal
