[The following information applies to the questions displayed below] Widmer Watercraft's predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company's production activities during May 2017 follows. a. Purchased raw materials on credit, $220,000. 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 used 49, See 33,5ee 19,600 23,eee 6. Bee 132,400 20,50e 152.900 c. Pald $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 Total direct labor Indirect labor Total 12.30 10.700 37.900 39,400 280 103. sas e. Applied overhead to Jobs 136, 138, and 139. 1. Transferred Jobs 136, 138, and 139 to Finished Goods g. Sold Jobs 136 and 138 on credit at a total price of $550,000. 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 70, eee 38, eee 10, eee 35,500 1. 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. Problem 19-3A Part 1 Required: 1. Prepare a job cost sheet for each job worked on during the month. Job No. 136 Job No. 137 Job No. 138 Job No. 139 Job No. 140 Materials Labor Overhead Total cost S 0S 0S 0S 0 5 2. Prepare journal entries to record the events and transactions a through View transaction list 1 Record raw material purchases on credit. 2 Record the requisition of direct and indirect materials. 3. Record payment to computer consultant to reprogram factory equipment. 4 Record the entry for direct and indirect labor paid in cash. Credit 5 Record the entry to apply ovechead to jobs 136, 138 and 139. 6 Record the transfer of completed jobs 136,188 and 139 to finished goods, Note: = journal entry has been entered Record entry Clear entry View general journal Problem 19-3A Part 3 3. Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance. Raw Materials Inventory Work in Process Inventory End.ba Factory Overhead Finished Goods Inventory Cost of Goods Sold 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 18 2 ST 18 31 LILI Balance Finished Goods Inventory - Balance Cost of Goods Sold Balance In December 2016, Learer Company's manager estimated next year's total direct labor cost assuming 50 persons working an average of 2,500 hours each at an average wage rate of $20 per hour. The manager also estimated the following manufacturing overhead costs for 2017 Indirect labor Factory supervision Rent on factory building Factory utilities Factory Insurance expired Depreciation-Factory equipment Repairs expense-Factory equipment Factory supplies used Miscellaneous production costs Total estimated overhead costs $ 333,200 128,000 154,000 102,000 82,000 494, eee 74.00 82,00 50.000 $ 1,500,000 At the end of 2017, records show the company incurred $1,600,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, 5618,000, Job 202. $577,000: Job 203, 5312,000, Job 204 $730,000, and Job 205, $328,000. In addition, Job 206 is in process at the end of 2017 and had been charged $31,000 for direct labor. No jobs were in process at the end of 2016. The company's predetermined overhead rate is based on direct labor cost. Required 1-a. Determine the predetermined overhead rate for 2017 1-b. Determine the total overhead cost applied to each of the six jobs during 2017 1-c. Determine the over- or underapplied overhead at year-end 2017 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of 2017. At the end of 2017, records show the company incurred $1,600.000 of actual overhead costs. It completed and sold five jobs with following direct labor costs: Job 201, $618,000, Job 202. $577,000, Job 203, $312,000, Job 204 $730,000, and Job 205, $328 In addition, Job 206 is in process at the end of 2017 and had been charged $31.000 for direct labor. No jobs were in process att end of 2016. The company's predetermined overhead rate is based on direct labor cost. Required 1-a. Determine the predetermined overhead rate for 2017 1-b. Determine the total overhead cost applied to each of the six jobs during 2017 1-c. Determine the over- or underapplied overhead at year-end 2017 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapi overhead to Cost of Goods Sold at the end of 2017 Complete this question by entering your answers in the tabs below. Req1A Req 10 Reg 1C Reg 2 Determine the predetermined overhead rate for 2017, Predetermined overhead rate Choose Denominator: Choose Numerator: Predetermine overhead rate At the end of 2017, records show the company incurred $1,600,000 of actual overhead costs. It completed and sold five jobs with following direct labor costs: Job 201, $618,000; Job 202. $577,000, Job 203, $312,000, Job 204, $730,000; and Job 205, $328) In addition, Job 206 Is in process at the end of 2017 and had been charged $31,000 for direct labor. No jobs were in process att end of 2016. The company's predetermined overhead rate is based on direct labor cost. Required 1-a. Determine the predetermined overhead rate for 2017 1-b. Determine the total overhead cost applied to each of the six lobs during 2017 1-c. Determine the over- or underapplied overhead at year-end 2017 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underap overhead to Cost of Goods Sold at the end of 2017 Complete this question by entering your answers in the tabs below. Reg 1A Req 10 Req 1C Reg 2 Determine the total overhead cost applied to each of the six jobs during 2017 Job No. Direct Labor Overhead cost applied 2015 618,000 202 577,000 203 312.000 204 730,000 328.000 31.000 Total $ 2.500,000 205 200 At the end of 2017, records show the company incurred $1,600,000 of actual overhead costs. It completed and sold five jobs with th following direct labor costs: Job 201, $618,000, Job 202 $577,000, Job 203, $312,000, Job 204, $730,000, and Job 205, $328,00 In addition, Job 206 is in process at the end of 2017 and had been charged $31,000 for direct labor. No jobs were in process at the end of 2016. The company's predetermined overhead rate is based on direct labor cost. Required 1-a. Determine the predetermined overhead rate for 2017 1-b. Determine the total overhead cost applied to each of the six jobs during 2017 1-c. Determine the over- or underapplied overhead at year-end 2017 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapple overhead to Cost of Goods Sold at the end of 2017 Complete this question by entering your answers in the tabs below. = Red 1A Reg 18 Req 1C Reg 2 Determine 8 over- or underapplied overhead at year-end 201 Factory Overhead Req 1A Req 10 Req 1C Reg 2 Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or overhead to Cost of Goods Sold at the end of 2017. View transaction list Journal entry worksheet 1 Record the entry to allocate any overapplied or underapplied overhead to Cost of Goods Sold at the end of year 2017, Note: Enter debits before credits. General Journal Debit Date Dec 31 Credit Record entry Wenty jouma