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. Materials Labor Overhead Total cost Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials requisitions Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor. Indirect labor Total labor cost c. Time tickets record use of the following labor for the month. These wages were paid in cash. $ 48,000 32,000 20,000 23,200 6,800 130,000 19,500 $ 149,500 $ 12,200 10,800 38,100 39,400 3,200 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 $550,000. 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 Depreciation of factory equipment Expired factory insurance Accrued property taxes payable 103,700 24,500 $ 128,200 69 0 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. Required: 1. Prepare a job cost sheet for each job worked on during the month. $ 68,500 38,500 11,000 35,500 Job Number 136 Job Number 137 Job Number 138 Job Number 139 0 0 0 Job Number 140
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. Materials Labor Overhead Total cost Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials requisitions Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor. Indirect labor Total labor cost c. Time tickets record use of the following labor for the month. These wages were paid in cash. $ 48,000 32,000 20,000 23,200 6,800 130,000 19,500 $ 149,500 $ 12,200 10,800 38,100 39,400 3,200 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 $550,000. 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 Depreciation of factory equipment Expired factory insurance Accrued property taxes payable 103,700 24,500 $ 128,200 69 0 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. Required: 1. Prepare a job cost sheet for each job worked on during the month. $ 68,500 38,500 11,000 35,500 Job Number 136 Job Number 137 Job Number 138 Job Number 139 0 0 0 Job Number 140
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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.
Materials
Labor
Overhead
Total cost
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.
Job 136
Job 137
Job 138
Job 139
Job 140
Total direct labor.
Indirect labor
Total labor cost
$ 48,000
32,000
20,000
23,200
6,800
130,000
19,500
$ 149,500
$ 12,200
10,800
38,100
39,400
3,200
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 $550,000.
g. Recorded the cost of goods sold for Jobs 136 and 138.
h. Incurred the following actual other overhead costs during the month.
103,700
24,500
$ 128,200
Depreciation of factory building
Depreciation of factory equipment
Expired factory insurance
Accrued property taxes payable
69
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.
Required:
1. Prepare a job cost sheet for each job worked on during the month.
0
$ 68,500
38,500
11,000
35,500
Job Number 136 Job Number 137 Job Number 138 Job Number 139
0
0
0
Job Number 140
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