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number 3 only please...

Question: number 3 only please...

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Number 3 only, please.

Starr Migs predetermined overhead rate is 200% of direct labor. Information on the companys produc- tion activities during September 2017 follows. a. Purchased raw materials on credit, $125,000. b. Materials requisitions record use of the following materials for the month. Problem 2-3B Source documents, jour entries, and accounts in order costing P1 P2 P3 Job 487... $30,000 20,000 12,000 14,000 4,000 80,000 12.000 $92,000 Job 490. Job 491... Indirect materials Total materials used c. Paid $11,000 cash for miscellancous factory overhead costs. d. Time tickets record use of the following labor for the month. These wages are paid in cash. Job 487.... Job 488. Job 489. $ 8,000 7.000 25,000 26,000 2.000 68,000 16,000 $84,000 Job 491 Total direct labor Indirect labor e. Applied overhead to Jobs 487, 489, and 490. f. Transferred Jobs 487,.489, and 490 to Finished Goods.

80 Chapter 2 Job Order Costing and Analysis g. Sold Jobs 487 and 489 on credit for a total price of $340.000. h. The company incurred the following overhead costs during the month (credit Prepai Insurance for expired factory insurance). Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable. $37,000 21,000 7,000 31,000 i. Applied overhead at month-end to the Work in Process Inventory account (lobs 488 and 491) using the predetermined overhead rate of 200% of direct labor cost. Required 1. Prepare a job cost sheet for each job worked on in the month. Use the following simplified form. Job No. Materials Labor.. Overhead Total cost Check (2e) Cr. Factory2. Prepare journal entries to record the events and transactions a through i. Overhead. $118,000 3. Set up T-accounts for each of the following general ledger accounts, each of which started the month (3) Finished Goods with a zero balance: Raw Materials Inventory. Work in Process Inventory, Finished Goods Inventory, Factory Overhead, Cost of Goods Sold. Then post the journal entries to these T-accounts and deter- mine the balance of each account. Inventory, $92,000 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.

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