Question

Required information Problem 15-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 [The following information applies to the questions displayed below.] Widmer 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. $220,000. 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 $ 48,500 34,000 19,400 23,000 7,000 131,900 20,000 $151, 900 c. Paid $16,000 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 136 Job 137 Job 138 Job 139 $ 12, 100 10, 700 38,100 39,200

Answer 1

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. JOB COST SHEETS Materials Labor Overhead (200% of Labor) Total cost Job No. 136 $ 48,500 $ 12,100 $ 24,200 $ 84,800 Job No. 137 $ 34,000 $ 10,700 $ 21,400 $ 66,100 Job No. 138 $ 19,400 $ 38,100 $ 76,200 $ 133,700 Job No. 139 $ $ $ $ 23,000 39,200 78,400 140,600 Job No. 140 $ 7,000 $ 3,600 $ 7,200 $ 17,800 Total $ 131,900 $ 103,700 $ 207,400 $ 443,000 Part 2 Part 3 $ 220,000 Raw Materials Inventory Accounts Payable To record materials purchases. $ 220,000 Raw Materials Inventory $ 220,000 (6) $ 68,100 $ 151,900 Bal. $ $ 131,900 20,000 $ 359,100 Work in Process Inventory Factory Overhead Raw Materials Inventory To record direct & indirect materials. $ 151,900 (d) Work in Process Inventory $ 131,900 (f) $ 103,700 $ 178,800 $ 28,600 $ 83,900 $ 16,000 Bal. Factory Overhead Cash To record other factory overhead. $ 16,000 (f) Finished Goods Inventory $ 359,100 (8) $ 140,600 $ 218,500 Bal. $ $ 103,700 26,500 Work in Process Inventory Factory Overhead Cash To record direct & indirect labor. $ 130,200 (b) (c) (e) (1) $ 178,800 $ 28,600 Factory Overhead $ 20,000 $ 16,000 $ 26,500 $ 151,500 $ 6,600 $ 178,800 $ 178,800 Work in Process Inventory Factory Overhead To apply overhead to jobs [($12, 100+ $38,100+ $39,200) x 200%). (h) Bal. $ 359,100 Cost of Goods Sold $ 218,500 $ 218,500 $ 359,100 Bal. Finished Goods Inventory Work in Process Inventory To record completion of jobs ($84,800 + $133,700 + $140,600). Part 4 $ 545,000 Accounts Receivable Sales To record sales on account. $ 545,000 Reports of Job Costs Work in Process Inventory Job 137 $ Job 140 $ Balance $ 66,100 17,800 83,900 $ 218,500 Cost of Goods Sold Finished Goods Inventory To record cost of sales ($84,8000+ $133,700). $ 218,500 Finished Goods Inventory Job 139 Balance $ $ 140,600 140,600 $ 151,500 Factory Overhead Accum. Depreciation Factory Building Accum. Depreciation-Factory Equipment Prepaid Insurance Property Taxes Payable To record other factory overhead. $ $ $ $ 68,000 38,000 10,000 35,500 Cost of Goods Sold Job 136 Job 138 Balance $ $ $ 84,800 133,700 218,500 $ 28,600 $ 28,600 Work in Process Inventory Factory Overhead To apply overhead to jobs [($10,700 + $3,600) X 200%).