the Sager Company manufactures variations of its product, a technopress. In response to custom orders from its customers. On May company had no inventories of work in process or finished goods but held the lowing raw On May 4, the company began working on two technopresses: Job 102 for Worldwide Company and Job 103 for Reuben Company a. Purchased raw materials on credit and recorded the following information from receiving roports and invoice Rocoving Report No. 426. Material M. 300 units at $300 each Receiving Report No. 427. Material R. 95 units at $180 each. Record these purchases with a single journal entry. Enter the receiving report information on the materials ledger cards b. Requisitioned the following raw materials for production Requisition No. 35 for Job 102 108 units of Material M Requisition No. 36 for Job 102 72 units of Material R Requisition No. 37 for Job 103,56 units of Material M. Regulation No. 3B for Job 103,76 units of Material Requisition No. 39 for 23 units of paint Enter amounts for direct materials requisitions on the material ledger cards and the job cost sheets. Enter the Indirect amount on the materials lodger card. Received the following employee time tickets for work in May. Time tickets Nos 1 to 10 for direct labor on Job 102 $96.000 Time tickets Nos. 11 10 30 for direct labor on Job 103 $52.000 Time tickets Nos. 31 to 36 for equipment repairs. $23.750. Record direct labor from the time tickets on the job cost sheets d. Pald cash for the following items during the month factory payroll $161750. and miscellaneous overhead items, $120,000. Use the time tickets to record the total direct and indirect labor costs e. Finished Job 102 and transferred to the warehouse The company assigns overhead to each job with a predetermined overhead rate equal to 80% of direct labor cost Enter the allocated overhead on the cost sheet for Job 102, fill in the cost urmary section of the cost sheets. Delivered Job 102 and accepted the customer's promise to pay $500,000 within 30 days. 9. Applied overhead cost to Job 103 based on the job's direct labor to date. Required: Complete the material ledger cards for Material M. Material and paint using the information given in part a and b. Complete the job cost sheets for Jobs 102 and 103 using the Information given in part ab.cand e Prepare journal entries for part a through Complete this question by entering your answers in the tabs below. Material de Cat Sheetse ma Prepare journal entries for part through a. (If no entry is required for a transaction/avant, select "No journal entry required in the first account field.) d. Pald cash for the following during the month factory payroll $161750, and card overhodom, $120,000. Ute time tickets to record the total direct and indirect labor costs e. Finished lob 102 and transferred it to the warehouse. The company assigns Overhead to achjob with a predetermined over rate equal to 80% of direct labor cost. Enter the allocated overhead on the cost sheet for Job 102. in the cost summary section of the cost shoots Delivered Job 102 and accepted the customer's promise to pay $500.000 within 30 days g. Applied overhead cost to Job 103 based on the job's direct labor to date. Required: Complete the materials ledger cards for Material M Material R. and paint using the information given in parts and b. Complete the cost sheets for Jobs 102 and 103 using the Information given in part a,b,c and e. Preparo Journal entries for part a through Complete this question by entering your answers in the tabs below. Materials Job Cool Pets General Prepare journal entries for part a through g. (If no entry is required for a transaction/event select "No journal entry required in the first account field.) View transaction ist View journal entry worksheet No Transaction Credit General Journal Raw materials inventory Accounts payable Debit 107,100 107, 100 Factory overhead Work in process inventory Raw materials inventory Factory overhead I Work in process inventory Cash Factory overhead Fished goods inventory Work in process inventory Accounts recevable Cost of goods sold Finished sods inventory Work in process inventory
