Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $220,000. b. Materials requisitions record use of the following materials for the month. $ 48,500 33,000 19,800 23,200 7,000 131,500 20,000 $ 151,500 Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials requisitions c. Time tickets record use of the following labor for the month. These wages were paid in cash. $ 12,200 10,700 37,700 39,200 3,400 103,200 25,500 Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost $ 128,700 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $545,000. g. Recorded the cost of goods sold for Jobs 136 and 138. n. Incurred the following actual other overhead costs during the month. Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $ 70,000 37,500 12,000 36,500 i. Applied overhead at month-end to the Work in Process Inventory account (for Job 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.
Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $220,000. b. Materials requisitions record use of the following materials for the month. $ 48,500 33,000 19,800 23,200 7,000 131,500 20,000 $ 151,500 Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials requisitions c. Time tickets record use of the following labor for the month. These wages were paid in cash. $ 12,200 10,700 37,700 39,200 3,400 103,200 25,500 Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost $ 128,700 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $545,000. g. Recorded the cost of goods sold for Jobs 136 and 138. n. Incurred the following actual other overhead costs during the month. Depreciation of factory building Depreciation of factory equipment Expired factory insurance Accrued property taxes payable $ 70,000 37,500 12,000 36,500 i. Applied overhead at month-end to the Work in Process Inventory account (for Job 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter4: Accounting For Factory Overhead
Section: Chapter Questions
Problem 15E: The books of Petry Products Co. revealed that the following general journal entry had been made at...
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*****the drop down options for the first column are: a., b(1), b(2), c(1), c(2), d., e., f., g., h., i.
For columns 2 and 3 you input a number
for column 4 the drop down options are: a., b(1), b(2), c(1), c(2), d., e., f., g., h., i.
to clarify, column 1 starts at the top and ends with "ending balance"
column 2 starts at the top and ends with "0" in the photos provided
Please don't add numbers to columns 1 or 4 only the drop down letters. Thank you!
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