(The following information applies to the questions displayed below) Westin Watercraft's predetermined overhead rate for year 2011 is 200% of direct labor. Information on the company's production activities during May 2011 follows. a. Purchased raw materials on credit, $125,000. b. Paid $84,000 cash for factory wages. c. Paid $11,000 cash to a computer consultant to reprogram factory equipment. d. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 $ 30,000 20,000 12.000 14,000 4,000 Total direct materials Indirect materials 80,000 12.000 Total materials used $ 92,000 e. Time tickets record use of the following labor for the month. Job 136 Job 137 Job 138 Job 139 Job 140 $ 8,000 7,000 25,000 26.000 2.000 68,000 Total direct labor Indirect labor 1600 e. Time tickets record use of the following labor for the month. Job 136 Job 137 Job 138 Job 139 Job 140 $ 8,000 7,000 25,000 26,000 2,000 Total direct labor Indirect labor 68,000 16,000 Total $ 84,000 f Applied overhead to Jobs 136, 138, and 139. g. Transferred Jobs 136, 138, and 139 to Finished Goods h. Sold Jobs 136 and 138 on credit at a total price of $340,000 i. 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 tax payable $ 37,000 21,000 7000 31,000 Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. 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, Goods in Process Inventory, Finished Goods Inventory. Factory Payroll, Factory Overhead, Cost of Goods Sold. Then post the journal entries to these T- accounts and determine the balance of each account. (Record the transactions in the given order. Leave no cells blank - be certain to enter "O" wherever required. Omit the "$" sign in your response.) GENERAL LEDGER ACCOUNTS Raw Materials Inventory a. (Click to select) Bal Goods in Process Inventory Ib. (Click to select) (Click to select) (Click to select) (Click to select) Bal Finished Goods Inventory (Click to select) (Click to select) Bal Finished Goods Inventory (Click to select) (Click to select) Bal. Factory Payroll (Click to select) (Click to select) Bal. Factory Overhead (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Bal Cost of Goods Sold (Click to select) Bal. 4. Prepare a report showing the total cost of each job in process and prove that the sum of their costs equals the Goods in Process Inventory account balance. Prepare similar reports for Finished Goods Inventory and Cost of Goods Sold. (Omit the "$" sign in your response.) Reports of Job Costs Goods in Process Inventory (Click to select) (Click to select) Balance Finished Goods Inventory (Click to select) Balance Cost of Goods Sold (Click to select) (Click to select) Balance
