Problem 15-4A (Algo) Preparing job cost sheets, recording costs, preparing inventory ledger accounts LO P1, P2, P3 Skip to question [The following information applies to the questions displayed below.] Watercrafts predetermined overhead rate is 200% of direct labor. Information on the companys production activities during May 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 19,800 Job 139 22,600 Job 140 6,600 Total direct materials 131,000 Indirect materials 20,000 Total materials requisitions $ 151,000 Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 $ 12,200 Job 137 10,500 Job 138 37,700 Job 139 39,200 Job 140 3,200 Total direct labor 102,800 Indirect labor 25,500 Total labor cost $ 128,300 Applied overhead to Jobs 136, 138, and 139. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. Sold Jobs 136 and 138 on credit at a total price of $545,000. Recorded the cost of goods sold for Jobs 136 and 138. Incurred the following actual other overhead costs during the month. Depreciation of factory building $ 69,000 Depreciation of factory equipment 36,500 Expired factory insurance 11,000 Accrued property taxes payable 35,500 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. Problem 15-4A (Algo) Part 2 2. Prepare journal entries to record the events and transactions a through i. Problem 15-4A (Algo) Preparing job cost sheets, recording costs, preparing inventory ledger accounts LO P1, P2, P3 Skip to question [The following information applies to the questions displayed below.] Watercrafts predetermined overhead rate is 200% of direct labor. Information on the companys production activities during May 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 19,800 Job 139 22,600 Job 140 6,600 Total direct materials 131,000 Indirect materials 20,000 Total materials requisitions $ 151,000 Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 $ 12,200 Job 137 10,500 Job 138 37,700 Job 139 39,200 Job 140 3,200 Total direct labor 102,800 Indirect labor 25,500 Total labor cost $ 128,300 Applied overhead to Jobs 136, 138, and 139. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. Sold Jobs 136 and 138 on credit at a total price of $545,000. Recorded the cost of goods sold for Jobs 136 and 138. Incurred the following actual other overhead costs during the month. Depreciation of factory building $ 69,000 Depreciation of factory equipment 36,500 Expired factory insurance 11,000 Accrued property taxes payable 35,500 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. Problem 15-4A (Algo) Part 2 2. Prepare journal entries to record the events and transactions a through i.