Question

Widmer Watercraft's predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company's production activities during May 2017 follows a. Purchased raw materials on credit, $220,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Dob 139 Job 140 Total direct materials Indirect materials Total materials used $ 49,500 34,099 20,000 22,400 6,600 132,500 21, eee $153,500 c. Paid $15,000 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 186 Job 237 Job 138 Job 139 $ 12,100 10,700 38,100 39,600 < Prev 78 08 Next > LO ANNO

Answer 1

I E G А 1 Reg 3 Credit Debit $2,20,000.00 3 Account Title and Explanation Raw Material Inventory Accounts Payable a $ 2,20,000.00 ooo vane w F H JK M No Q R S I U Job Cost Sheet Raw Material Inventory Work in Process Inventory Job 136 Job 137 Job 138 Job 139 Job 140 $2,20,000.00 $1,32,500.00 Materials $ 49,500.00 $ 34,000.00 $ 20,000.00 $ 22,400.00 $ 6,600.00 $1,53,500.00 $1,03,500.00 Labor $ 12,100.00 $ 10,700.00 $ 38,100.00 $ 39,600.00 $ 3,000.00 Ending Bal $ 66,500.00 $1,79,600.00 Overhead (200% of Labor $ 24,200.00 $ 21,400.00 $ 76,200.00 $ 79,200.00 $ 6,000.00 $3,61,300.00 Total Cost $ 85,800.00 $ 66,100.00 $1,34,300.00 $1,41,200.00 $ 15,600.00 $ 27,400.00 Ending Bal $ 81,700.00 Work in process Factory Overhead Raw Material Inventory $1,32,500.00 $ 21,000.00 $1,53,500.00 10 $ 15,000.00 Factory Overhead Cash $ 15,000.00 b $ $ $ Factory Overhead 21,000.00 15,000.00 26,500.00 Finished Goods Inventory $3,61,300.00 g $2,20,100.00 Ending Bal $1,41,200.00 d Work in process Factory Overhead Factory Payroll $ 1,03,500.00 $ 26,500.00 $1,79,600.00 $1,30,000.00 h $1,54,000.00 $ 27,400.00 $1,79,600.00 Ending Bal $ 9,500.00 Work in process Factory Overhead $1,79,600.00 $3,61,300.00 Finished Goods Invewntory Work in process Cost of Goods Sold $ 2,20,100.00 $2,20,100.00 $3,61,300.00 End. Bal $5,30,000.00 Accounts Receivables Sales $5,30,000.00 For Pointe Applied Overhead = (12,100+38100+39600) "200% = $179,600 For Pointf (85,800+1,34,300+1,41,200) =$3,61,300 For point g Cost of sales = (85,800+1,34,300) = $2,20,100 For Point i To apply Overhead to jobs: (10,700+3,000) *200% =$27,400 $2,20,100.00 Cost of Goods sold Finished Goods Inventory $2,20,100.00 $1,54,000.00 Factory Overhead Depreciation - Factory Building Depreciation - Factory Equipment Prepaid Insurance Property Taxes Payable $ 68,500.00 $ 36,500.00 $ 12,000.00 $ 37,000.00 $ 27,400.00 Work in process Factory Overhead $ 27,400.00

In case of any clarification, please do comment. Thank you.