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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

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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 200 units @ $250 = $50,000 Material R 95 units @ 180 = 17,100 Paint 55 units 75 - 4,125 Total cost $71,225 On May 4, the company began working on two technopresses: Job 102 for Woridwide 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, 250 units at $250 each. Receiving Report No. 427. Material R. 90 units at $180 each. Instructions: 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, 135 units of Material M. Requisition No. 36, for Job 102, 72 units of Material R Requisition No. 37, for Job 103,70 units of Material M. Requisition No. 38, for Job 103, 38 units of Material R. ne R 1R 9 Next Instructions: Enter amounts for direct materials requisitions on the materials ledger cards and the job cost sheets. Enter the Indirect materials amount on the materials ledger card. c. Received the following employee time tickets for work in May. Time tickets Nos, 1 to 10 for direct labor on Job 102. $90,000 Time tickets Nos. 11 to 30 for direct labor on Job 103, $65,000. Time tickets Nos. 31 to 36 for equipment repairs, $19,250. Instructions: Record direct labor from the time tickets on the job cost sheets. d. Paid cash for the following items during the month factory payroll, $174,250, and miscellaneous overhead items, $102,000. Use the time tickets to record the total direct and indirect labor costs. e. Finished Job 102 and transferred it to the warehouse. The company assigns overhead to each job with a predetermined overhead rate equal to 80% of direct labor cost. Instructions. Enter the allocated overhead on the cost sheet for Job 102, fill in the cost summary section of the cost sheets. t. Delivered Job 102 and accepted the customer's promise to pay $400,000 within 30 days. 9. Applied overhead cost to Job 103 based on the job's direct labor to date. Required: Complete the materials ledger cards for Material M, Material R, and paint using the information given in part a and b. Complete the job cost sheets for Jobs 102 and 103 using the Information given in part a, b, c and e. Prepare journal entries for part a through g. 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 0 Total 0 Total 0 Total Summary of Costs Total cost of Job Customer's Name Reuben Company Direct Materials Amount Direct Labor Time Ticket Number Amount Job No. 103 Overhead Costs Applied Rate % Amount Requisition Number 0 0 Total Total 0 Total Summary of Costs Total cost of Job

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