Widmer Watercraft\'s predetermined overhead rate r year 2015 is 200% of direct l

Question

Widmer Watercraft's predetermined overhead rate r year 2015 is 200% of direct labor. Information on the company's production actvities during May 2015 follows. a. Purchased raw materia's on credit, $200,00o. Materia s requis tions record use of the following materia's for the month. Job 136 $50,000 Job 13732,500 Job 138 9,200 Job 139 23.400 Total direct 131700 Indirect 20,000 materials $151700 Paid $15,000 cash to a computer consuitant to reprogram factory equipment Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 $ 12,200 Job 137 10,600 Job 138 37,900 Job 139 39,000 Indirect 26,500 Total $129.400

Explanation / Answer

job 136 job 137 job138 job139 job140 total Materials 50,000 32,500 19,200 23,400 6,600 131,700 labor 12,200 10,600 37,900 39,000 3,200 102,900 overhead 24,400 21200 75800 78000 6400 205,800 total 86,600 64,300 132,900 140,400 16,200 440,400 2) TR General Journal Debit Credit a) Raw materials inventory 200,000 Accounts payable 200,000 b) Work in process inventory 131,700 Factory overhead 20,000 Raw materials inventoy 151,700 c) Factory overhead 15,000 cash 15,000 d) Work in process inventory 102,900 Factory overhead 26,500 Cash 129,400 e) Work in process overhead 178,200 Factory overhead 178,200 f) finished goods inventory 359,900 Work in process inventory 359,900 g) Accounts receivable 545,000 Sales 545,000 cost of goods sold 219,500 finished goods inventory 219,500 h) Factory overhead 152,500 Accumulated depreciation-factory building 68,500 Accumulated depreciation-factory equipment 37,500 prepaid insurance 10,000 property taxes payable 36,500 i) work in process inventory 27,600 Factory overhead 27,600 T- Accounts Raw materials inventory Work in process inventory a. 200,000 b. 131,700 151,700 b. d. 102,900 e. 178,200 end bal 48,300 359,900 f. i. 27600 bal 80,500 Factory overhead finished goods inventory b. 20,000 f. 359,900 c. 15,000 219,500 g. d. 26,500 bal 140,400 178,200 e. h. 152,500 27,600 i bal 8,200 cost of goods sold g. 219,500 end bal 219,500 Report of Job costs Work in process inventory job 137 64,300 job 140 16,200 Balance 80,500 finished goods inventory job 139 140,400 Balance 140,400 cost of goods sold job 136 86,600 job 138 132,900 balance 219,500

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