Required information
[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.
Job 136 | $ | 50,000 | |
Job 137 | 33,500 | ||
Job 138 | 19,600 | ||
Job 139 | 22,600 | ||
Job 140 | 6,600 | ||
Total direct materials |
132,300 |
||
Indirect materials | 21,000 | ||
Total materials used | $ | 153,300 | |
Job 136 | $ | 12,200 | |
Job 137 | 10,800 | ||
Job 138 | 37,700 | ||
Job 139 | 39,400 | ||
Job 140 | 3,000 | ||
Total direct labor | 103,100 | ||
Indirect labor | 25,000 | ||
Total | $ | 128,100 | |
Depreciation of factory building | $ | 69,000 | |
Depreciation of factory equipment | 37,000 | ||
Expired factory insurance | 10,000 | ||
Accrued property taxes payable | 37,000 | ||
2. Prepare journal entries to record the events
and transactions a through i.
Transaction | General Journal | Debit | Credit |
a. | Raw materials inventory | 220,000 | |
Accounts payable | 220,000 | ||
b | Goods in process inventory | 132,300 | |
Factory overhead | 21,000 | ||
Raw materials inventory | 153,300 | ||
c | Factory overhead | 15,750 | |
Cash | 15,750 | ||
d | Goods in process inventory | 103,100 | |
Factory overhead | 25,000 | ||
Factory payroll | 128,100 | ||
e. | Goods in process inventory | 178,600 | |
Factory overhead | 178,600 | ||
f. | Finished goods inventory | 360,100 | |
Goods in process inventory | 360,100 | ||
g1. | Accounts receivable | 535,000 | |
Sales | 535,000 | ||
g2 | Cost of goods sold | 219,300 | |
Finished goods inventory | 219,300 | ||
h | Factory overhead | 153,000 | |
Accum. depreciation—Factory building | 69,000 | ||
Accum. depreciation—Factory equipment | 37,000 | ||
Prepaid insurance | 10,000 | ||
Property taxes payable | 37,000 | ||
i. | Goods in process inventory | 27,600 | |
Factory overhead | 27,600 |
Required information [The following information applies to the questions displayed below.] Widmer Watercraft’s predetermined overhead rate...
Required information [The following information applies to the questions displayed below.] 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. Purchased raw materials on credit, $240,000. Materials requisitions record use of the following materials for the month. Job 136 $ 48,500 Job 137 33,500 Job 138 19,600 Job 139 22,800 Job 140 6,600 Total direct materials 131,000 Indirect materials 21,000 Total materials used $ 152,000...
Required information [The following information applies to the questions displayed below.] 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. Purchased raw materials on credit, $240,000. Materials requisitions record use of the following materials for the month. Job 136 $ 50,000 Job 137 32,500 Job 138 19,600 Job 139 22,600 Job 140 7,000 Total direct materials 131,700 Indirect materials 20,000 Total materials used $ 151,700...
Required information [The following information applies to the questions displayed below.] 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. Purchased raw materials on credit, $240,000. Materials requisitions record use of the following materials for the month. Job 136 $ 50,000 Job 137 32,500 Job 138 19,600 Job 139 22,600 Job 140 7,000 Total direct materials 131,700 Indirect materials 20,000 Total materials used $ 151,700...
Required information [The following information applies to the questions displayed below.] 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. Purchased raw materials on credit, $240,000. Materials requisitions record use of the following materials for the month. Job 136 $ 48,500 Job 137 33,500 Job 138 19,600 Job 139 22,800 Job 140 6,600 Total direct materials 131,000 Indirect materials 21,000 Total materials used $ 152,000...
Required information [The following information applies to the questions displayed below.] 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. Purchased raw materials on credit, $240,000. Materials requisitions record use of the following materials for the month. Job 136 $ 50,000 Job 137 32,500 Job 138 19,600 Job 139 22,600 Job 140 7,000 Total direct materials 131,700 Indirect materials 20,000 Total materials used $ 151,700...
[The following information applies to the questions displayed below.] 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. Purchased raw materials on credit, $240,000. Materials requisitions record use of the following materials for the month. Job 136 $ 48,500 Job 137 33,000 Job 138 20,000 Job 139 23,000 Job 140 7,200 Total direct materials 131,700 Indirect materials 21,500 Total materials used $ 153,200 Paid $15,500...
Required information [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. Purchased raw materials on credit, $200,000. Materials requisitions record use of the following materials for the month. Job 136 $ 48,500 Job 137 33,500 Job 138 19,200 Job 139 22,800 Job 140 7,200 Total direct materials 131,200 Indirect materials 20,500 Total materials used $ 151,700 Paid $15,000 cash to a...
Required information [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, $200,000. b. Materials requisitions record use of the following materials for the month. $ 48,000 Job 136 Job 137 32,000 19,200 22,400 6,400 128,000 19,500 Job 138 Job 139 Job 140 Total direct materials Indirect materials $147,500 Total materials used c. Paid $15,000 cash...
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, $200,000. b. Materials requisitions record use of the following materials for the month. Job 136 $ 48,000 Job 137 32,000 Job 138 19,200 Job 139 22,400 Job 140 6,400 Total direct materials 128,000 Indirect materials 19,500 Total materials used $ 147,500 Paid $15,000 cash to a computer consultant to reprogram factory equipment. Time tickets record...
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. Purchased raw materials on credit, $260,000. Materials requisitions record use of the following materials for the month. Job 136 $ 50,000 Job 137 32,500 Job 138 20,200 Job 139 22,400 Job 140 6,400 Total direct materials 131,500 Indirect materials 21,000 Total materials used $ 152,500 Paid $15,750 cash to a computer consultant to reprogram factory equipment....