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Question: widmer watercrafts predetermined overhead rate for the year 2017 is...

Question details
Widmer watercraft’s predetermined overhead rate for the year 2017 is 200% of the direct labor. Information on the company’s production activities during May 2017 follows.

Required information Problem 2-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 The following information applies to the questions displayed below. Widmer watercrafts predetermined overhead rate for the year 2017 is 200% of direct labor, Information on the companys production activities during May 2017 follows a. Purchased raw materials on credit, $240,000. b. Materials requisitions record use of the following materials for the month Job 136 Job 137 ob 138 Job 139 Job 140 Total direct msterials Indireet saterials Total materials used 49,000 19,600 22,600 130,500 s150,500 c Paid $15,250 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. K Prev 13 14 of 14 Next > 888 , 2 3 4 8
c. Paid $15,250 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. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total $ 12,200 10,600 37,500 39,200 3,800 103,300 25,000 $128,300 e. Applied overhead to Jobs 136, 138, and 139. f. Transferred Jobs 136, 138, and 139 to Finished Goods. g. Sold Jobs 136 and 138 on credit at a total price of $535,000. h. The company incurred the following overhead costs during the month (credit Prepald Insurance for expired factory insurance Depreciatlon of factory baiiding Depreciation of factory eqaipment Expired factory insurance Accrued property taxes payable $69,000 37,500 12.000 5,500 I. Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the Prev 13 14 of 14 Next > in 20 888 4 0
Required information Depreciation of factory building Depreciation of factory equipnent Expired factory insurance Accrued property taxes payable $69,000 37,500 11,000 35,500 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. Problem 2-3A Part 1 Required: 1. Prepare a job cost sheet for each job worked on during the month. Materials Total cost <Prev 13 14 of 14Next> 3 W E R Ul 0
Required information 8 910 Record raw material purchases on credit. Note: Enter debits before credits Transaction Debit Credit Record entry Clear entry View general journal Prev 14of14 Next2 888 F FVO 3
View transaction list 10 1 Record raw material purchases on credit. 2 Record the requisition of direct and indirect materials. ent es 3 Record payment to computer consitant to reprogram factory equipment Record the entry for direct and indirect labor, paid in cash. 4 Credit Record the entry to apply overhead to jobs 136, 138 and 139 s Record the transfer of completed jobs 136,138 and 139 to finished goods. 6 Note:journal entry has been entered < Prev 14 of 14 Next F2 ODO FA F5 F7 F8 8 2 A/
View transaction list 10 Record the transfer of completed jobs 136,138 and 139 to finished goods. 6 ent. Record the entry for sales on accoupt for Jobs 136 and 138 7 8 Record the entry for the cost of sales of Jobs 136 and 138. Credit 9 Record other factory overhead (depreciation, insurance and property taxes). Record the entry to apply overhead to Jobs 137 and 140 (Work in Process) 10 Note:journal entry has been entered Prey14 of 14 Next F3 O FA P11 F7 8 2 4
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