Required information Problem 15-3A Source documents, journal entries, and accoun
ID: 2330338 • Letter: R
Question
Required information Problem 15-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 [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, $220,000. 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 s 50,000 33,000 19, 800 23,400 7, 200 133, 400 $153, 400 c. Paid $16,000 cash to a computer consultant to reprogram factory equipment d. 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 S 12,200 10, 500 37,700 39, 200 3, 000 102, 600 126, 600Explanation / Answer
Job Cost Sheet :-
Job No. 136
Job No. 137
Job No. 138
Job No. 139
Job No. 140
Materials
50000
33000
19800
23400
7200
Labor
12200
10500
37700
39200
3000
Overhead
24400
21000
75400
78400
6000
Total cost
86600
64500
132900
141000
16200
Journal Entries :-
Transaction
General Journal
Debit
Credit
A.
Raw materials inventory
220000
Accounts payable
220000
B
Goods in process inventory
133400
Factory overhead
20000
Raw materials inventory
153400
C
Factory overhead
16000
Cash
16000
D
Goods in process inventory
102600
Factory overhead
24000
Factory payroll
126600
E
Goods in process inventory
178200*
Factory overhead
178200*
F
Finished goods inventory
360500**
Goods in process inventory
360500**
G(1)
Accounts receivable
535000
Sales
535000
G(2)
Cost of goods sold
219500***
Finished goods inventory
219500***
H.
Factory overhead
155000
Accum. depreciation—Factory building
68500
Accum. depreciation—Factory equipment
38000
Prepaid insurance
12000
Property taxes payable
36500
I
Goods in process inventory
27000****
Factory overhead
27000****
*(24400 + 75400 + 78400) = 178200
**(86600 + 132900 + 141000) = 360500
***(86600 + 132900) = 219500
****(21000 + 6000) = 27000
Raw Materials Inventory
a
220000
153400
b
End. Bal.
66600
WIP Inventory
b
133400
d
102600
e
178200
360500
f
i
27000
End. Bal.
80700
Factory O/H
b
20000
c
16000
d
24000
178200
e
h
155000
27000
i
End. Bal.
9800
Finished goods Inventory
f
360500
219500
G(2)
End. Bal.
141000
Cost of Goods Sold
G(2)
219500
End. Bal.
141000
Job No. 136
Job No. 137
Job No. 138
Job No. 139
Job No. 140
Materials
50000
33000
19800
23400
7200
Labor
12200
10500
37700
39200
3000
Overhead
24400
21000
75400
78400
6000
Total cost
86600
64500
132900
141000
16200
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