You skipped this question in the previous attempt Che Required information [The

Question

You skipped this question in the previous attempt Che Required information [The following information applies to the questions displayed below Widmer Watercraft's predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company's production activities during May 2017 follows. a. Purchased raw materials on credit, $240,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials used 5 49,08e 33,800 19,880 22,880 6,480 . 131,000 21,800 $152,ee0 K Prey14 15 16 17 of 17 Next>

Explanation / Answer

Answer 1. Job 136 137 138 139 140 Total Direct Material            49,000        33,000          19,800          22,800            6,400          131,000 Factory Labor            12,200        10,500          37,500          39,000            3,800          103,000 Factory Overhead - 200%            24,400        21,000          75,000          78,000            7,600          206,000 Total            85,600        64,500        132,300       139,800          17,800          440,000 Answer 2. Journal Entry Date Particulars Dr. Amt Cr. Amt a. Direct Materials                                           240,000.00    Accounts Payable    240,000.00 (Record the material purchased on Account) b. Work in Process Inventory        131,000.00 Factory Overhead                          21,000.00    Direct Material    152,000.00 (Record the meterial issue ) c. Factory Overhead                   15,250.00    Cash      15,250.00 (Record the amt Paid to reprogram factory equip.) d. Work in Process Inventory        103,000.00 Factory Overhead                                     25,000.00 Cash    128,000.00 (record the wages paid) e. Work in Process Inventory        177,400.00     Factory Overheads    177,400.00 (Record the Overhead applied - Job 136, 138 & 139) f. Work in Process Inventory        357,700.00    Finished Goods    357,700.00 (Record the Job 136, 138 & 139 Completed) g(1). Accounts receivables                            550,000.00    Sales    550,000.00 (record the Job 136 & 138 sold) g(2) Cost of Goods Sold                                   217,900.00    Finished Goods    217,900.00 (record the cost of goods sold) h Factory Overhead                                     154,000.00    Accumulated Dep. - Factory Build      69,500.00    Accumulated Dep. - Factory Equip.      36,500.00    Prepaid Insurance      12,000.00    Property Tax Payable      36,000.00 (record the factory overhead) i. WIP                                                         Dr.          28,600.00     To Factory Overheads      28,600.00 (Records the Overehead applied- Job 137 & 140) Answer 3. Raw Materials Inventory Work in Process Inventory Beg. Bal.                     -      152,000.00 b. Beg. Bal.                     -      357,700.00 f. a.    240,000.00 b.    131,000.00 d.    103,000.00 e.    177,400.00 i.      28,600.00 End. Bal.      88,000.00 End. Bal.      82,300.00 Factory Overhead Finished Goods Inventory Beg. Bal.                     -      177,400.00 e. Beg. Bal.                     -      217,900.00 g(2) b.      21,000.00      28,600.00 i. f.    357,700.00 c.      15,250.00        6,550.00 Underapplied d.      25,000.00 h    154,000.00 End. Bal.        2,700.00 End. Bal.    139,800.00 Cost of Goods Sols Beg. Bal.                     -   g(2)    217,900.00 End. Bal.    217,900.00 Answer 4. Report of Job Cost Work in Process Inventory Job 137      64,500.00 Job 140      17,800.00 Total      82,300.00 Finished Goods Inventory Job 139    139,800.00 Total    139,800.00 Cost of Goods Sold Job 136      85,600.00 Job 138    132,300.00 Total    217,900.00

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