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.
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 | |
Job 136 | $ | 12,200 | |
Job 137 | 10,600 | ||
Job 138 | 37,700 | ||
Job 139 | 39,000 | ||
Job 140 | 3,600 | ||
Total direct labor | 103,100 | ||
Indirect labor | 24,000 | ||
Total | $ | 127,100 | |
Depreciation of factory building | $ | 68,500 | |
Depreciation of factory equipment | 37,500 | ||
Expired factory insurance | 11,000 | ||
Accrued property taxes payable | 37,000 | ||
3. Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance.
JOB 136 | JOB 137 | JOB 138 | JOB 139 | JOB 140 | TOTAL | |
Materials | 50,000 | 32,500 | 19,600 | 22,600 | 7,000 | 131,700 |
Labor | 12,200 | 10,600 | 37,700 | 39,000 | 3,600 | 103,100 |
Overhead | 24,400 | 21,200 | 75,400 | 78,000 | 7,200 | 206,200 |
TOTAL | 86,600 | 64,300 | 132,700 | 139,600 | 17,800 | 441,000 |
T-Accounts:
RAW MATERIALS INVENTORY | |||
Debit$ | Credit $ | ||
a) | 240,000 | b) | 151,700 |
End. bal. | 88,300 |
WORK IN PROCESS INVENTORY | |||
Debit$ | Credit $ | ||
b) | 131,700 | f) | 358,900 |
d) | 103,100 | ||
e) | 177,800 | ||
i) | 28,400 | ||
End. bal. | 82,100 |
FACTORY OVERHEAD | |||
Debit$ | Credit $ | ||
b) | 20,000 | e) | 177,800 |
c) | 15,500 | i) | 28,400 |
d) | 24,000 | ||
h) | 154,000 | ||
End. bal. | 6,800 |
FINISHED GOODS INVENTORY | |||
Debit$ | Credit $ | ||
f) | 358,900 | g) | 219,300 |
End. bal. | 139,600 |
COST OF GOODS SOLD | |||
Debit$ | Credit $ | ||
g) | 219,300 | ||
End. bal. | 219,300 |
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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 $ 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 is 200% of direct labor. Information on the company’s production activities during May follows. Purchased raw materials on credit, $220,000. Materials requisitions record use of the following materials for the month. 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 Paid $16,000 cash to a...
[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 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 $ 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 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...
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. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials used $ 48,000 32,000 19,200 22,400 6,400 128,000 19,500 $147,500 c. Paid $15,000 cash...