Westin Watercrafts predetermined overhead rate for year 2011 is 200% of direct labor. Information on the companys production activities during May 2011 follows.

a.	Purchased raw materials on credit, $240,000.
b.	Paid $128,700 cash for factory wages.
c.	Paid $15,500 cash to a computer consultant to reprogram factory equipment.
d.	Materials requisitions record use of the following materials for the month.

Job 136	$	49,000
Job 137		33,000
Job 138		20,200
Job 139		23,200
Job 140		7,400
Total direct materials		132,800
Indirect materials		20,000
Total materials used	$	152,800

e.	Time tickets record use of the following labor for the month.

Job 136	$	12,300
Job 137		10,700
Job 138		37,900
Job 139		39,400
Job 140		3,400
Total direct labor		103,700
Indirect labor		25,000
Total	$	128,700

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 $545,000.
i.	The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance).

Depreciation of factory building	$	70,000
Depreciation of factory equipment		36,500
Expired factory insurance		11,000
Accrued property tax payable		36,500

j.	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.

8.

Required information

Required:
1.	Prepare a job cost sheet for each job worked on during the month. (Omit the "$" sign in your response.)

	Job No. 136	Job No. 137	Job No. 138	Job No. 139	Job No. 140
Materials	$	$	$	$	$
Labor
Overhead
Total cost	$	$	$	$	$

9.

Required information

2.	Prepare journal entries to record the events and transactions a through j. (Omit the "$" sign in your response. )

	General Journal	Debit	Credit
a.	(Click to select)Raw materials inventoryCashFactory payrollAccounts payableFactory overheadFinished goods inventoryCost of goods soldAccounts receivable
	(Click to select)Raw materials inventoryFactory overheadAccounts payableCost of goods soldFinished goods inventoryCashFactory payrollAccounts receivable
b.	(Click to select)CashFinished goods inventoryFactory payrollGoods in process inventorySalesAccounts receivableAccounts payableFactory overhead
	(Click to select)Accounts payableFinished goods inventoryCashFactory payrollSalesAccounts receivableFactory overheadGoods in process inventory
c.	(Click to select)CashAccounts receivablePrepaid insuranceRaw materials inventoryFactory payrollFactory overheadGoods in process inventoryProperty taxes payable
	(Click to select)Property taxes payableAccounts receivableGoods in process inventoryFactory payrollRaw materials inventoryPrepaid insuranceFactory overheadCash
d.	(Click to select)Factory overheadCashFactory payrollCost of goods soldAccounts payableProperty taxes payableRaw materials inventoryGoods in process inventory
	(Click to select)Cost of goods soldProperty taxes payableFactory payrollRaw materials inventoryCashGoods in process inventoryFactory overheadAccounts payable
	(Click to select)Goods in process inventoryCashProperty taxes payableFactory payrollAccounts payableFactory overheadRaw materials inventoryCost of goods sold
e.	(Click to select)Factory payrollFactory overheadPrepaid insuranceGoods in process inventoryFinished goods inventoryCost of goods soldProperty taxes payableRaw materials inventory
	(Click to select)Finished goods inventoryPrepaid insuranceFactory payrollCost of goods soldGoods in process inventoryProperty taxes payableFactory overheadRaw materials inventory
	(Click to select)Factory overheadPrepaid insuranceProperty taxes payableCost of goods soldGoods in process inventoryFinished goods inventoryFactory payrollRaw materials inventory
f.	(Click to select)Prepaid insuranceFinished goods inventoryCost of goods soldGoods in process inventoryFactory payrollFactory overheadSalesRaw materials inventory
	(Click to select)Factory overheadSalesFactory payrollCost of goods soldRaw materials inventoryPrepaid insuranceFinished goods inventoryGoods in process inventory
g.	(Click to select)Property taxes payableFinished goods inventoryPrepaid insuranceCost of goods soldFactory overheadFactory payrollAccounts receivableGoods in process inventory
	(Click to select)Factory PayrollProperty taxes payableGoods in process inventoryPrepaid insuranceAccounts receivableFinished goods inventoryCost of goods soldFactory overhead
h.	(Click to select)Finished goods inventoryGoods in process inventoryPrepaid insuranceFactory payrollSalesFactory overheadAccounts receivableCost of goods sold
	(Click to select)Factory payrollCost of goods soldPrepaid insuranceAccounts receivableGoods in process inventorySalesFinished goods inventoryFactory overhead
	(Click to select)Finished goods inventoryFactory payrollSalesCashRaw materials inventoryAccounts receivableCost of goods soldFactory overhead
	(Click to select)Finished goods inventoryAccounts receivableCashFactory overheadCost of goods soldRaw materials inventoryFactory payrollSales
i.	(Click to select)Cost of goods soldAccum. Depreciation-factory equipmentAccum. depreciation-factory buildingPrepaid insuranceFactory overheadProperty taxes payableGoods in process inventorySales
	(Click to select)SalesGoods in process inventoryPrepaid insuranceAccum. depreciation-factory equipmentFactory overheadCost of goods soldAccum. depreciation-factory buildingProperty taxes payable
	(Click to select)Accum. depreciation-factory equipmentCost of goods soldSalesPrepaid insuranceProperty taxes payableGoods in process inventoryFactory overheadAccum. depreciation-factory building
	(Click to select)Property taxes payableAccum. depreciation-factory buildingAccum. depreciation-factory equipmentCost of goods soldSalesGoods in process inventoryPrepaid insuranceFactory overhead
	(Click to select)Goods in process inventoryAccum. depreciation-factory equipmentFactory overheadSalesProperty taxes payableAccum. depreciation-factory buildingPrepaid insuranceCost of goods sold
j.	(Click to select)Raw materials inventoryFactory overheadSalesCashFactory payrollGoods in process inventoryAccounts receivableFinished goods inventory
	(Click to select)Factory payrollCashGoods in process inventoryFactory overheadFinished goods inventoryAccounts receivableSalesRaw materials inventory

10.

Required information

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)Job 138Job 139Job 137Job 136	$
(Click to select)Job 138Job 136Job 139Job 137Job 140
Balance	$
Finished Goods Inventory
(Click to select)Job 140Job 137Job 136Job 139Job 138	$
Balance	$
Cost of Goods Sold
(Click to select)Job 136Job 137Job 140Job 139	$
(Click to select)Job 136Job 138Job 140Job 137Job 139
Balance	$