Question

1- Ch 3 Required Information [The following Information applies to the questions displayed below Widmer Watercraft's predetermined overhead rate for the year 2017 s 200% of direct labor. Information on the company 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. $50,000 Job 136 Job 132 Job 138 Job 13 Job 140 Total direct aterials Indirect sterials Total uterials used 19,500 22,50 7.200 132, 20.00 5151,700 Pald $15,500 cash to a computer consultant to reprogram factory equipment d. Time tickets record use of the folowing labor for the month. These wages were paid in cash $12,200 18, 37. 239 Total direct labor Indirect la Total 3,60 163, 160 24.60 $127.100 c. Applied overhead to Jobs 136, 138, and 139 Transferred Jobs 136, 130. and 139 to Finished Goods 9. Sold Jobs 136 and 130 on credit at a total price of $545.000 h. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory Depreciation of factory building 368,50 27.50 1. Applied overhead at month-end to the Work in Process Inventory account Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost 3. Post the journal entries for the transactions to the following accounts, each of which started the month with a zero balance Raw Materials inventory

Answer 1

	JOB 136	JOB 137	JOB 138	JOB 139	JOB 140	TOTAL
Materials	50,000	32,500	19,600	22,600	7,000	131,700
Labor	12,200	10,600	37,700	39,000	3,600	103,100
Overhead	24,400	21,200	75,400	78,000	7,200	206,200
Total	86,600	64,300	132,700	139,600	17,800	441,000

T-Accounts:

RAW MATERIAL INVENTORY
a	240,000	b	151,700
End. bal.	88,300

RAW MATERIAL INVENTORY
b	131,700	f	358,900
d	103,100
e	177,800
i	28,400
End. bal.	82,100

FACTORY OVERHEAD
b	20,000	e	177,800
c	15,500	i	28,400
d	24,000
h	154,000
End. bal.	6,800

FINISHED GOODS INVENTORY
f	358,900	g	219,300
End. bal.	139,600

COST OF GOODS SOLD
g	219,300
End. bal.	219,300

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