Widmer 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, $260,000. 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 $ 49,500 33,000 19,600 22,400 6,8 131,300 20,000 $151,300 c. Paid $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. i. 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. 1 a. 260,000 Raw materials inventory Accounts payable 260,000 2 b. Work in process inventory Factory overhead Raw materials inventory 131,300 20,000 151,300 3 C. Factory overhead 15,500 Cash 15,500 4 d. 103,800 Work in process inventory Factory overhead 25,500 Cash 129,300 5 e. 178,000 Work in process inventory Factory overhead 178,000 6 f. Finished goods inventory Work in process inventory 7 g(1). Accounts receivable 530,000 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 in Process Inventory Job 137 Job 140 Balance 0 Finished Goods Inventory Job 139 Balance 0 Cost of Goods Sold Job 136 Job 138 Balance $ 0