The following information applies to the questions displayed below) dmer Watercraft's predetermined overhead rate for year 2015 is 200% of direct labor Information on the ompany's production activities during May 2015 follows. Purchased raw materials on credit, $220,000. - Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 $ 49,000 32,500 20,000 22,600 7,000 Total direct materials Indirect materials 131,100 20,500 Total materials used $ 151,600 c. Paid $15,500 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 38100 39,400 3,400 Total direct labor Indirect labor 103,700 25,500 Total $129,200 e. Applied overhead to Jobs 136, 138, and 139. Transferred Jobs 136, 138, and 139 to Finished Goods g. Sold Jobs 136 and 138 on credit at a total price of $530,000 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 $69,500 38,000 12,000 35,500 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 quired: Prepare a job cost sheet for each job worked on during the month. Materials Labor Job No. 136 Job No. 137 Job No. 138 Job No. 139 Job No. 140 $ 49,000 $ 32,500 $ 20,000 $ 22,600 $ 7,000 12,200 10,600 38,100 39,400 3,400 24,400 21,200 76,200 78,800 6,800 $ 85,600 $ 64,300 $ 134,300 $ 140,800 $ 17,200 Overhead Total cost Prepare journal entries to record the events and transactions a through i. View transaction list View journal entry worksheet No Transaction Debit Credit 1 a. General Journal Raw materials inventory Accounts payable 220,000 220,000 2 b Work in process inventory Factory overhead Raw materials inventory 131,100 20,500 151,600 3 C Factory overhead Cash 4 d Work in process inventory Factory overhead Cash 103,700 25,500 129,200 5 179,400 Work in process inventory Factory overhead 179,400 6 f. Finished goods inventory Work in process inventory 7 S 961) 530,000 Accounts receivable Sales 530,000 CP g(2) Cost of goods sold Finished goods inventory 9 h Factory overhead Accum. depreciation Factory building Accum. depreciation Factory equipment Prepaid insurance Property taxes payable 69,500 38.000 12,000 35,500 10 1. Work in process inventory Factory overhead 3. Prepare T-accounts for each of the following general ledger accounts, each of which started the month with a zero balance: Raw Materials Inventory, Work in Process Inventory, Finished Goods Inventory, Factory Payroll, Factory Overhead, Cost of Goods Sold. Post the journal entries from Part 2 to the following T-accounts Work in Process Inventory Raw Materials Inventory 220,000 tb d. e. 179,400 End.bal. 220,000 End.bal 179,400 Finished Goods Inventory Factory Overhead 20,500 179,400 e. b. C d. 25,500 th End.bal. End bal 133,400 Cost of Goods Sold 9 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 Costs Work in Process Inventory (Job 137 Job 140 0 Balance Finished Goods Inventory (Job 139 0 Balance Cost of Goods Sold Job 136 Job 138 Balance $