Required information [The following information applies to the questions displayed below.] Widmer Watercraft's predetermined overhead rate...

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Required information [The following information applies to the questions displayed below.] Widmer Watercraft's predetermined overhead rate for year 2013 is 200% of direct labor. Information on the company's production activities during May 2013 follows. a. Purchased raw materials on credit, $260,000. b. Paid $127,900 cash for factory wages. c. Paid $15,750 cash to a computer consultant to reprogram factory equipment. d. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 $ 49,000 34,000 19,800 Job 139 22,600 Job 140 7,400 Total direct materials 132,800 Indirect materials 20,500 Total materials used $153,300 e. Time tickets record use of the following labor for the month. Job 136. Job 137 $ 12,300 10,700 44 17 G 13 14 of 14 Next > Check my work 2 e. Time tickets record use of the following labor for the month. Check my work 2 Job 136 $ 12,300 Job 137 Job 138 10,700 37,500 Job 139 39,200 Job 140 3,200 Total direct labor 102,900 Indirect labor 25,000 Total $127,900 f. Applied overhead to Jobs 136, 138, and 139. g. Transferred Jobs 136, 138, and 139 to Finished Goods. h.Sold Jobs 136 and 138 on credit at a total price of $530,000. i. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). Depreciation of factory building $69,500 Depreciation of factory 37,000 equipment Expired factory insurance 12,000 Accrued property taxes 36,500 payable 44 12 13 14 of 14 Next > g. Transferred Jobs 136, 138, and 139 to Finished Goods. h.Sold Jobs 136 and 138 on credit at a total price of $530,000. i. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). Depreciation of factory building $69,500 Depreciation of factory 37,000 equipment Expired factory insurance 12,000 Accrued property taxes 36,500 payable j. Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. Required: 1. Prepare a job cost sheet for each job worked on during the month. Job No. 136 Job No. 138 Job No. 137 Job No. 139 Job No. 140 Materials Labo Overhead Total cost $ 0 $ 0 $ 0 $ 0 $ 0 Check my work 14 2. Prepare journal entries to record the events and transactions a through j View transaction list Journal entry worksheet k < 1 2 3 4 5 6 7 8..... 11 Record raw material purchases on credit. Note: Enter debits before credits. Transaction a. Record entry General Journal Debit Credit Clear entry View general journal S < Prev 12 13 14 of 14 Next > 2. Prepare journal entries to record the events and transactions a through View transaction list Journal entry worksheet < 1 2 3 4 5 10 Record factory payroll paid in cash. Note: Enter debits before credits. Transaction b. 6 7 8 11 General Journal Debit Credit Record entry Clear entry View general journal Next > 4 2. Prepare journal entries to record the events and transactions a through J. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 11 Record payment to computer consultant to reprogram factory equipment. Note: Enter debits before credits. Transaction C. General Journal Debit Credit Clear entry Record entry S View general journal 2 of 4 2. Prepare journal entries to record the events and transactions a through J. View transaction list Sook Journal entry worksheet 1 2 3 4 5 6 7 8 11 Record the entry for direct and indirect materials. Note: Enter debits before credits. Transaction d. General Journal Debit Credit Record entry Clear entry G View general journal Next > 4 2. Prepare journal entries to record the events and transactions a through J. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 11 Record the entry for direct and indirect labor. Note: Enter debits before credits. Transaction e. General Journal Debit Credit View general journal Record entry Clear entry 2. Prepare journal entries to record the events and transactions a through J View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 11 Record the entry to apply overheads to jobs 136,138 and 139. Note: Enter debits before credits. Transaction f. General Journal Debit Credit Record entry Clear entry View general journal Next > 2. Prepare journal entries to record the events and transactions a through j View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8..... 11 Record the transfer of completed jobs 136,138 and 139 to finished goods. Note: Enter debits before credits. Transaction 9. Record entry General Journal Debit Credit Clear entry View general journal 9 < Prev 12 13 14 of 14 Next > Check my work 2. Prepare journal entries to record the events and transactions a through J. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the entry for sales on account for Jobs 136 and 138. Note: Enter debits before credits. Transaction h(1). Record entry 8 11 General Journal Debit Credit Clear entry View general journal < Prev 12 13 14 of 14 Next > View transaction list Journal entry worksheet 4 5 6 7 8 < 1 Record cost of sales. Note: Enter debits before credits. Transaction h(2). Record entry 6 11 General Journal Debit Credit Clear entry View general journal < Prev 12 13 14 of 14 Next > 2. Prepare journal entries to record the events and transactions a through j View transaction list Journal entry worksheet < 1 4 5 6 7 8 9 10 11 Record other factory overhead (depreciation, insurance and property taxes). Note: Enter debits before credits. Transaction 1. Record entry General Journal Debit Credit Clear entry View general journal 9 < Prev 12 13 14 of 14 Next > 2. Prepare journal entries to record the events and transactions a through J. View transaction list Journal entry worksheet < 1 ..... 4 5 6 7 8 9 10 11 Record the entry to apply overheads to Jobs 137 and 140 (Goods in Process). Note: Enter debits before credits. Transaction j Record entry General Journal Debit Credit Clear entry View general journal 9 < Prev 12 13 14 of 14 Next > 3. Prepare T-accounts for each of the following general ledger accounts, each of which started the month with a zero balance: Raw Materials Inventory, Goods in Process Inventory, Finished Goods Inventory, Factory Payroll, Factory Overhead, Cost of Goods Sold. Then post the journal entries to these T-accounts and determine the balance of each account. End.bal. Raw Materials Inventory End bal Factory Payroll End.bal, Goods in Process Inventory End.bal. Factory Overhead End bal. Finished Goods Inventory End bal. Cost of Goods Sold 4. Prepare a report showing the total cost of each job in process and prove that the sum of their costs equals the Goods in Process Inventory account balance. Prepare similar reports for Finished Goods Inventory and Cost of Goods Sold. Reports of Job Costs Goods in Process Inventory Balance Finished Goods Inventory Balance Cost of Goods Sold Balance Check my Required information [The following information applies to the questions displayed below.] Widmer Watercraft's predetermined overhead rate for year 2013 is 200% of direct labor. Information on the company's production activities during May 2013 follows. a. Purchased raw materials on credit, $260,000. b. Paid $127,900 cash for factory wages. c. Paid $15,750 cash to a computer consultant to reprogram factory equipment. d. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 $ 49,000 34,000 19,800 Job 139 22,600 Job 140 7,400 Total direct materials 132,800 Indirect materials 20,500 Total materials used $153,300 e. Time tickets record use of the following labor for the month. Job 136. Job 137 $ 12,300 10,700 44 17 G 13 14 of 14 Next > Check my work 2 e. Time tickets record use of the following labor for the month. Check my work 2 Job 136 $ 12,300 Job 137 Job 138 10,700 37,500 Job 139 39,200 Job 140 3,200 Total direct labor 102,900 Indirect labor 25,000 Total $127,900 f. Applied overhead to Jobs 136, 138, and 139. g. Transferred Jobs 136, 138, and 139 to Finished Goods. h.Sold Jobs 136 and 138 on credit at a total price of $530,000. i. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). Depreciation of factory building $69,500 Depreciation of factory 37,000 equipment Expired factory insurance 12,000 Accrued property taxes 36,500 payable 44 12 13 14 of 14 Next > g. Transferred Jobs 136, 138, and 139 to Finished Goods. h.Sold Jobs 136 and 138 on credit at a total price of $530,000. i. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). Depreciation of factory building $69,500 Depreciation of factory 37,000 equipment Expired factory insurance 12,000 Accrued property taxes 36,500 payable j. Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. Required: 1. Prepare a job cost sheet for each job worked on during the month. Job No. 136 Job No. 138 Job No. 137 Job No. 139 Job No. 140 Materials Labo Overhead Total cost $ 0 $ 0 $ 0 $ 0 $ 0 Check my work 14 2. Prepare journal entries to record the events and transactions a through j View transaction list Journal entry worksheet k < 1 2 3 4 5 6 7 8..... 11 Record raw material purchases on credit. Note: Enter debits before credits. Transaction a. Record entry General Journal Debit Credit Clear entry View general journal S < Prev 12 13 14 of 14 Next > 2. Prepare journal entries to record the events and transactions a through View transaction list Journal entry worksheet < 1 2 3 4 5 10 Record factory payroll paid in cash. Note: Enter debits before credits. Transaction b. 6 7 8 11 General Journal Debit Credit Record entry Clear entry View general journal Next > 4 2. Prepare journal entries to record the events and transactions a through J. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 11 Record payment to computer consultant to reprogram factory equipment. Note: Enter debits before credits. Transaction C. General Journal Debit Credit Clear entry Record entry S View general journal 2 of 4 2. Prepare journal entries to record the events and transactions a through J. View transaction list Sook Journal entry worksheet 1 2 3 4 5 6 7 8 11 Record the entry for direct and indirect materials. Note: Enter debits before credits. Transaction d. General Journal Debit Credit Record entry Clear entry G View general journal Next > 4 2. Prepare journal entries to record the events and transactions a through J. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 11 Record the entry for direct and indirect labor. Note: Enter debits before credits. Transaction e. General Journal Debit Credit View general journal Record entry Clear entry 2. Prepare journal entries to record the events and transactions a through J View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 11 Record the entry to apply overheads to jobs 136,138 and 139. Note: Enter debits before credits. Transaction f. General Journal Debit Credit Record entry Clear entry View general journal Next > 2. Prepare journal entries to record the events and transactions a through j View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8..... 11 Record the transfer of completed jobs 136,138 and 139 to finished goods. Note: Enter debits before credits. Transaction 9. Record entry General Journal Debit Credit Clear entry View general journal 9 < Prev 12 13 14 of 14 Next > Check my work 2. Prepare journal entries to record the events and transactions a through J. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the entry for sales on account for Jobs 136 and 138. Note: Enter debits before credits. Transaction h(1). Record entry 8 11 General Journal Debit Credit Clear entry View general journal < Prev 12 13 14 of 14 Next > View transaction list Journal entry worksheet 4 5 6 7 8 < 1 Record cost of sales. Note: Enter debits before credits. Transaction h(2). Record entry 6 11 General Journal Debit Credit Clear entry View general journal < Prev 12 13 14 of 14 Next > 2. Prepare journal entries to record the events and transactions a through j View transaction list Journal entry worksheet < 1 4 5 6 7 8 9 10 11 Record other factory overhead (depreciation, insurance and property taxes). Note: Enter debits before credits. Transaction 1. Record entry General Journal Debit Credit Clear entry View general journal 9 < Prev 12 13 14 of 14 Next > 2. Prepare journal entries to record the events and transactions a through J. View transaction list Journal entry worksheet < 1 ..... 4 5 6 7 8 9 10 11 Record the entry to apply overheads to Jobs 137 and 140 (Goods in Process). Note: Enter debits before credits. Transaction j Record entry General Journal Debit Credit Clear entry View general journal 9 < Prev 12 13 14 of 14 Next > 3. Prepare T-accounts for each of the following general ledger accounts, each of which started the month with a zero balance: Raw Materials Inventory, Goods in Process Inventory, Finished Goods Inventory, Factory Payroll, Factory Overhead, Cost of Goods Sold. Then post the journal entries to these T-accounts and determine the balance of each account. End.bal. Raw Materials Inventory End bal Factory Payroll End.bal, Goods in Process Inventory End.bal. Factory Overhead End bal. Finished Goods Inventory End bal. Cost of Goods Sold 4. Prepare a report showing the total cost of each job in process and prove that the sum of their costs equals the Goods in Process Inventory account balance. Prepare similar reports for Finished Goods Inventory and Cost of Goods Sold. Reports of Job Costs Goods in Process Inventory Balance Finished Goods Inventory Balance Cost of Goods Sold Balance Check my