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, $200,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138) Job 139 $ 48,000 33,000 19,200 22,800 Job 140 6,800 Total direct materials 129,800 Indirect materials 20,000 Total materials requisitions $ 149,800 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 $ 12,100 10,700 37,700 39,400 3,200 103, 100 Total direct labor Indirect labor Total labor cost 24,500 $ 127,600 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 $535,000. 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 38,500 11,000 36,500 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. Part 1 of 4 Expired factory insurance Accrued property taxes payable 38,588 11,000 36,500 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. eBook Print ferences Problem 2-4A (Algo) Part 1 Required: 1. Prepare a job cost sheet for each job worked on during the month. Job Number 136 Job Number 137 Job Number 138 Job Number 139 Job Number 140 Materials Labor Overhead Total cost $ 0 $ 0 $ 0 $ 0 $ of 41 ces 2. Prepare journal entries to record the events and transactions a through View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 11 Record raw material purchases on credit. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry Clear entry View general journal balance. Raw Materials Inventory Ending balance 0 Ending balance Ending balance Factory Overhead Cost of Goods Sold Work in Process Inventory Finished Goods Inventory Ending balance 0 4 4. (a) Compute the total cost of each job in process and prove that the sum of their costs equals the Work in Process Inventory account balance. (b) Compute the total cost of each job finished but not sold, and prove that the sum of their costs equals the Finished Goods Inventory balance. (c) Compute the total cost of each job sold, and prove that the sum of their costs equals the Cost of Goods Sold balance Total Job Costs (a) Work in Process Inventory ces Balance (b) Finished Goods inventory Balance (c) Cost of Goods Sold Balance 0 $ 0