of 4 Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production...

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of 4 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 $ 48,500 33,500 19,600 Job 139 23,000 Job 140 6,800 Total direct materials 131,400 k Indirect materials 21,000 Total materials $ 152,400 nces requisitions c. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 $ 12,100 Job 137 10,700 Job 138 37,700 Job 139 39,200 Job 140 3,200 Total direct labor 102,900 Indirect labor 27,000 $ Total labor cost 129,900 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $525,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h. Incurred the following actual other overhead costs during the month. Depreciation of factory $ building 68,000 Depreciation of factory 37,000 equipment Expired factory insurance 11,000 Accrued property taxes payable 35,500 i. Applied overhead at month-end to the Work in Process Inventory account (for Job 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. 4. (a) Compute the total cost of each job in process and prove that the sum of their costs equals the Work in Process Inventory account balance. (b) Compute the total cost of each job finished but not sold, and prove that the sum of their costs equals the Finished Goods Inventory balance. (c) Compute the total cost of each job sold, and prove that the sum of their costs equals the Cost of Goods Sold balance. Total Job Costs (a) Work in Process Inventory Balance 0 (b) Finished Goods Inventory of 4 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 $ 48,500 33,500 19,600 Job 139 23,000 Job 140 6,800 Total direct materials 131,400 k Indirect materials 21,000 Total materials $ 152,400 nces requisitions c. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 $ 12,100 Job 137 10,700 Job 138 37,700 Job 139 39,200 Job 140 3,200 Total direct labor 102,900 Indirect labor 27,000 $ Total labor cost 129,900 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $525,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h. Incurred the following actual other overhead costs during the month. Depreciation of factory $ building 68,000 Depreciation of factory 37,000 equipment Expired factory insurance 11,000 Accrued property taxes payable 35,500 i. Applied overhead at month-end to the Work in Process Inventory account (for Job 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. 4. (a) Compute the total cost of each job in process and prove that the sum of their costs equals the Work in Process Inventory account balance. (b) Compute the total cost of each job finished but not sold, and prove that the sum of their costs equals the Finished Goods Inventory balance. (c) Compute the total cost of each job sold, and prove that the sum of their costs equals the Cost of Goods Sold balance. Total Job Costs (a) Work in Process Inventory Balance 0 (b) Finished Goods Inventory