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 300 units @$270 $ 81,000 Material R Paint 140 units 95 units 200 115- 28,000 10,925 $119,925 Total cost 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, 270 units at $270 each. Receiving Report No. 427, Material R, 135 units at $200 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, 162 units of Material M. Requisition No. 36, for Job 102, 72 units of Material R. Requisition No. 37, for Job 103, 84 units of Material M. Requisition No. 38, for Job 103, 106 units of Material R. Requisition No. 39, for 29 units of paint. 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, $50,000. Time tickets Nos. 31 to 36 for equipment repairs, $20,750. 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, $160,750, and miscellaneous overhead items, $134,000. 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 f. Delivered Job 102 and accepted the customer's promise to pay $450,000 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 Materials Requisition Job Cost General Sheets Journal Complete the materials ledger cards for Material M, Material R, and paint using the information given in part a and b. Check my work Item- MATERIALS LEDGER CARD Material M Issued Balance Units Unit Price Total Price Requisition Units Unit Price Total Price Units Unit Price Total Price Received Date Receiving Report May 11 Item 0 Material R Issued Balance Units Unit Price Total Price Requisition Units Unit Price Total Price Units Unit Price Total Price Received Date Receiving Report May 1 Item 0 Paint 4 Received Issued Balance Date: May 1 Receiving Report Units Unit Price Total Price Requisition Units Unit Price Total Price Units Unit Price Total Price 0 0 0 0 0 0 0 0 Chec Complete the job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e.. Customer's Name Worldwide Company Requisition Number Direct Materials Amount JOB COST SHEET Job No. 102 Direct Labor Overhead Costs Applied Time Ticket Number Amount Rate % Amount Total Summary of Costs Total cost of Job Customer's Name Requisition Number Total 0 Total Reuben Company Direct Materials Amount 0 Direct Labor Time Ticket Number 0 Total Job No. 103 Overhead Costs Applied Amount Rate % Amount 0 O Total Summary of Costs Total cost of Job Customer's Name ces Requisition Number Total 0 Total 0 0 Reuben Company Direc+Materials Job No. 103 Direct Labor Overhead Costs Applied Amount Time Ticket Number Amount Rate % Amount Summary of Costs Total cost of Job 0 Total 0 0 0 Materials Requisition General Journal > Record miscellaneous overhead items, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry Journal entry worksheet Record cost of goods sold for Job 102. Note: Enter debits before credits. Transaction 1(2). General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet