Sager Company manufactures variations of its product, a technopress, in response to custom orders from its customers. On May 1, the company had no inventories of work in process or finished goods but held the following raw materials. Material M Material R Paint Total cost 350 units 105 units 75 units @ $280 = @ 200 = @ 100 $ 98,000 21,000 7,500 $126,500 On May 4, the company began working on two technopresses: Job 102 for Worldwide Company and Job 103 for Reuben Company. a. Purchased raw materials on credit and recorded the following information from receiving reports and invoices. Receiving Report No. 426, Material M, 280 units at $280 each. Receiving Report No. 427, Material R, 100 units at $200 each. Record these purchases with a single journal entry. Enter the receiving report information on the materials ledger cards. b. Requisitioned the following raw materials for production. Requisition No. 35, for Job 102, 189 units of Material M. Requisition No. 36, for Job 102, 72 units of Material R. Requisition No. 37, for Job 103, 98 units of Material M. Requisition No. 38, for Job 103, 80 units of Material R. Requisition No. 39, for 17 units of paint. Materials Requisition Job Cost Sheets General Journal Complete the materials ledger cards for Material M, Material R, and paint using the information given in part a and b. MATERIALS LEDGER CARD Material M Item Received Issued Balance Date Receiving Report Units Unit Price Total Price Requisition Units Unit Price Total Price Units Unit Price Total Price May 1 280 0 #426 280 280 78,400 280 0 #35 280 0 280 0 #37 280 0 280 0 Item Material R Received Issued Balance Date Receiving Report Units Unit Price Total Price Requisition Units Unit Price Total Price Units Unit Price Total Price May 1 0 0 0 0 0 0 0 Item Paint Received Issued Balance Receiving Date Units Unit Price Total Price Requisition Units Unit Price Total Price Units Unit Price Total Price Materials Requisition Job Cost Sheets General Journal Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. Customer's Name JOB COST SHEET Worldwide Company Direct Materials Direct Labor Amount Time Ticket Number Amount Job No. 102 Overhead Costs Applied Rate % Amount Requisition Number #35 #36 Total 0 Total 0 0 Summary of Costs Total cost of Job 0 Customer's Name Reuben Company Direct Materials Direct Labor Job No. 103 Overhead Costs Applied Rate % Amount Requisition Number Amount Time Ticket Number Amount Materials Requisition Job Cost Sheets General Journal Prepare journal entries for part a through g. (If no entry is required for a transaction/event, select "No journal entr account field.) View transaction list Journal entry worksheet
