Homework Sourseplease help complete all tables Problem 153A Source document
please help complete all tables.
Problem 15-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 The fowowing Nntormation appies to the questions displayed below Widmer Watercraft\'s predetermined overhead rate for year 2015 is 200% of direct labor. Information on the company\'s praduction activities during May 2015 follows a. Purchased raw materials on credit. $220000 b. Materials requisitions record use o the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 $ 49,500 33.500 20,200 22,800 ,000 Total direct materials Indirect materials 33.000 20.000 Total materials used $153,000 c. Paid $15,750 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 135 Job 137 Job 138 Job 139 Job 140 $12,200 0.800 37,900 39,200 4,000 Total direct labor Indirect labor 04100 25,000 Total $129,100 e. Applied overhead to Jobs 136138, and 139 f. Transferred Jobs 136, 138, and 139 to Finished Goods g. Sold Jobs 136 and 138 on credit at a total price of $530,000, h. The company incurred the folowing overheed costs during the month [credit Prepaid Insurance for expired factory insurance Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $70,000 37000 1000 36.000 i. Applied overhead at month-end to the work in Process Inventory account bs t37 and 140) using the predetermined overhead rate of 200% of direct labor cost. ReferencesSolution
Part 1.
Job No. 136
Job No. 137
Job No. 138
Job No. 139
Job No. 140
Materials (d. )
$49,500
$33,500
$20,200
$22,800
$7,000
Labor (e. )
12,200
10,800
37,900
39,200
2,000
Overhead (200% of labor)
24,400
21,600
75,800
78,400
4,000
Total cost
$86,100
$65,900
$133,900
$140,400
$13,000
Part 2
Transaction
General Journal
Debit
Credit
a.
Raw materials inventory
220,000
Accounts payable
220,000
b.
Factory payroll
129,100
Cash
129,100
c.
Factory overhead
15,750
Cash
15,750
d.
Goods in process inventory
133,000
Factory overhead
20,000
Raw materials inventory
153,000
e.
Goods in process inventory
104,100
Factory overhead
25,000
Factory payroll
129,100
f. (hint)
Goods in process inventory
178,600
Factory overhead
178,600
g. (hint)
Finished goods inventory
360,400
Goods in process inventory
360,400
h(1).
Accounts receivable
530,000
Sales
530,000
h(2). (hint)
Cost of goods sold
219,700
Finished goods inventory
219,700
i.
Factory overhead
154,000
Accum. depreciation—Factory building
70,000
Accum. depreciation—Factory equipment
37,000
Prepaid insurance
11,000
Property taxes payable
36,000
j.
Goods in process inventory
25,600
Factory overhead
25,600
f.
To apply overhead to jobs: [($12,200 + $37,900 + $39,200) × 200%] = $178,600
g.
To record completion of jobs: ($86,100 + $133,600 + $140,400) = $360,400
h.
To record cost of sales: ($86,100 + $133,600) = $219,700
j.
To apply overhead to jobs: [($10,800 + $2,000) × 200%] = $25,600
PART 3
RAW MATERIAL INVENTORY
a.
220,000
153,000
d.
End Bal
67,000
FACTORY OVERHEAD
c.
15,750
d.
20,000
e.
25,000
178,600
f.
i.
154,000
25,600
j.
End Bal
10,550
Work in process inventory
d.
133,000
g.
e.
104,100
f.
178,600
360,400
j.
25,600
End Bal
80,900
FINISHED GOODS INVENTORY
g.
360,100
219,700
h.
End Bal
140,400
COST OF GOODS SOLD
h.
219,700
End Bal
219,700
PART 4
Reports of Job Costs
Work in Process Inventory
Job 137
$65,900
Job 140
13,000
Balance
78,900
Finished Goods Inventory
Job 139
140,400
Balance
140,400
Cost of Goods Sold
Job 136
86,100
Job 138
133,900
Balance
$220,000
| Job No. 136 | Job No. 137 | Job No. 138 | Job No. 139 | Job No. 140 | |
| Materials (d. ) | $49,500 | $33,500 | $20,200 | $22,800 | $7,000 |
| Labor (e. ) | 12,200 | 10,800 | 37,900 | 39,200 | 2,000 |
| Overhead (200% of labor) | 24,400 | 21,600 | 75,800 | 78,400 | 4,000 |
| Total cost | $86,100 | $65,900 | $133,900 | $140,400 | $13,000 |
