The following information applies to the questions displayed below.) 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 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials requisitions $ 49,000 32,500 20,200 22,800 6,600 131, 100 19,500 $ 150, 600 c. 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 labor cost $ 12,100 10,700 37,700 39,200 3,400 103,100 25,000 $ 128,100 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost 37,700 39,200 3,400 103,100 25,000 $ 128, 100 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $525,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h. Incurred the following actual other overhead costs during the month. Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $ 69,000 38,000 11,000 37,000 i. Applied overhead at month end to the Work In Process Inventory account (for Job 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. ! Required information View transaction list Journal entry worksheet 1 N 2 3 4 5 6 7 8 ..... 11 Record raw material purchases on credit. PS Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal Journal entry worksheet 1 2. 3 4 4 6 5 6 7 8 11 ..... > Record the requisition of direct materials. Note: Enter debits before credits Transaction (1) General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet .. Record the entry for direct labor, paid in cash. Note: Enter debits before credits Transaction General Journal Debit Credit c(1) Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the entry for indirect labor, paid in cash. es Note: Enter debits before credits Transaction General Journal Debit Credit c(2) Record entry Clear entry View general Journal Required information View transaction list Journal entry worksheet Record the entry to apply overhead to jobs 136, 138 and 139. Note: Enter debits before credits Transaction General Journal Debit Credit d Record entry Clear entry View general Journal Required information View transaction list Journal entry worksheet ..... Record the transfer of completed Jobs 136, 138 and 139 to finished goods. Note: Enter debits before credits Transaction General Journal Debit Credit e of 4 Record the entry for sales on account for Jobs 136 and 138. Note: Enter debits before credits. Pok Transaction Int General Journal Debit Credit Inces Record entry Clear entry View general journal > 4 5 7 8 6 Record the entry for the actual overhead costs incurred. Note: Enter debits before credits. Transaction General Journal Debit Credit h Record entry Clear entry View general journal Record the entry to apply overhead to Jobs 137 and 140 (Work in Process). Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal
