Post the journal entries for the transactions to the following t-accounts. Each of which started the month with a zero balance. *****the drop down options for the first column are: a., b(1), b(2), c(1), c(2), d., e., f., g., h., i.For columns 2 and 3 you input a number for column 4 the drop down options are: a., b(1), b(2), c(1), c(2), d., e., f., g., h., i.to clarify, column 1 starts at the top and ends with "ending balance"column 2 starts at the top and ends with "0" in the photos provided Please don't add numbers to columns 1 or 4 only the drop down letters. Thank you! Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company'sproduction activities during May follows.a. Purchased raw materials on credit, $220,000.b. Materials requisitions record use of the following materials for the month.$ 48,50033,00019,80023,200Job 136Job 137Job 138Job 1397,000131,50020,000$ 151,500Job 140Total direct materialsIndirect materialsTotal materials requisitionsc. Time tickets record use of the following labor for the month. These wages were paid in cash.$ 12,20010,70037,70039,2003,400Job 136Job 137Job 138Job 139Job 140Total direct labor103,20025,500$ 128,700Indirect laborTotal labor costd. 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 $545,000.g. Recorded the cost of goods sold for Jobs 136 and 138.h. Incurred the following actual other overhead costs during the month.Depreciation of factory buildingDepreciation of factory equipmentExpired factory insuranceAccrued property taxes payable$ 70,00037,50012,00036,500i. Applied overhead at month-end to the Work in Process Inventory account (for Job 137 and 140) usingthe predetermined overhead rate of 200% of direct labor cost. 3. Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zerobalance.Raw Materials InventoryWork in Process InventoryEnding balanceEnding balanceFactory OverheadFinished Goods InventoryEnding balanceEnding balanceCost of Goods SoldEnding balance

A job cost sheet is prepared for each job under job order costing system

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. $ 48,500 33,000 19,800 23,200 7,000 131,500 20,000 $ 151,500 Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials requisitions c. Time tickets record use of the following labor for the month. These wages were paid in cash. $ 12,200 10,700 37,700 39,200 3,400 103,200 25,500 Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost $ 128,700 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 $545,000. g. Recorded the cost of goods sold for Jobs 136 and 138. n. Incurred the following actual other overhead costs during the month. Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $ 70,000 37,500 12,000 36,500 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.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q