Return to questo 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, $240,000, b. Materials requisitions record use of the following materials for the month Job 136 Job 13 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials used $48.500 33,000 20,000 23,200 7.000 131/700 515),200 c. Paid $15.750 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 Return c. Paid $15,750 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 Total direct labor Indirect labor Total $ 12.100 10,600 37.70 39,200 3,800 103,400 26,500 $129,900 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 $545,000. h. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory Insurance) 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 $545,000 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 500,000 37,500 12,000 37,000 1. 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 Retu Required information Answer is not complete. No Transaction General Journal Dobit Credit a. 240.000 Raw materials inventory Accounts payablo 240,000 2 b Work in process inventory Factory overhead Raw materials inventory 7,000 $ 21,500 153,200 3 C Factory overhead Cash 15.750 Ol 15,750 4 d 1 Work in process inventory Factory overhead Cash 3,800 26,500 129.900 5 e 89.000 X Work in process inventory Factory overhead 89,000 $ ! Required information Factory overhead 89,000 6 + Finished goods inventory Work in process inventory 7 (1) Accounts receivable Sales O 8 9(2) Cost of goods sold Finished goods inventory lo 9 h Factory overhead Accum depreciation --Factory building Accum depreciation-Factory equipment Prepaid insurance Property taxes payable OOO 10 Raw materials inventory Factory overhead XS 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 131,700 240.000 21 500 End bal 86 800 End bal Factory Overhead Finished Goods Inventory End bal Endbal Cost of Goods Sold Factory Overhead Finished Goods Inventory End bal 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 Costa Work in Process Inventory Balance Finished Goods Inventory Balance Cost of Goods Sold Balance
