Question
[The following information applies to the questions displayed below.] Watercrafts predetermined overhead rate is 200% of direct labor. Information on the companys production activities during
[The following information applies to the questions displayed below.] Watercrafts predetermined overhead rate is 200% of direct labor. Information on the companys production activities during May follows. Purchased raw materials on credit, $240,000. Materials requisitions record use of the following materials for the month. Job 136 $ 48,500 Job 137 33,000 Job 138 19,400 Job 139 23,200 Job 140 6,800 Total direct materials 130,900 Indirect materials 21,000 Total materials requisitions $ 151,900 Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 $ 12,200 Job 137 10,700 Job 138 37,900 Job 139 39,400 Job 140 3,400 Total direct labor 103,600 Indirect labor 24,500 Total labor cost $ 128,100 Applied overhead to Jobs 136, 138, and 139. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. Sold Jobs 136 and 138 on credit at a total price of $530,000. Recorded the cost of goods sold for Jobs 136 and 138. Incurred the following actual other overhead costs during the month. Depreciation of factory building $ 69,000 Depreciation of factory equipment 38,500 Expired factory insurance 10,000 Accrued property taxes payable 35,000 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: 1. Prepare a job cost sheet for each job worked on during the month.
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