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Problem 15-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3...

Question

Problem 15-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3...

Problem 15-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 [The following information aProblem 15-3A Part 1 Required: 1. Prepare a job cost sheet for each job worked on during the month. Materials Labor OverheadProblem 15-3A Part 2 2. Prepare journal entries to record the events and transactions a through i. View transaction list ViewProblem 15-3A Part 3 3. Post the journal entries for the transactions to the following T-accounts, each of which started theProblem 15-3A Part 4 4. Prepare a report showing the total cost of each job in process and prove that the sum of their costs

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, $240,000. 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 $ 49,000 33,000 19, 200 23,000 6,800 131,000 20,000 $ 151,000 c. Paid $15,500 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 $ 12,000 10,600 37,900 39,200 3,200 102,900 25,000 $ 127,900 e. Applied overhead to Jobs 136, 138, 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 $540,000. h. The company incurred the following overhead 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 $ 69,500 38,500 12,000 36,500 i. 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.
Problem 15-3A Part 1 Required: 1. Prepare a job cost sheet for each job worked on during the month. Materials Labor Overhead Total cost Job No. 136 $ 49,000 12,000 24,000 $ 85,000 Job No. 137 $ 33,000 10,600 21,200 $ 64,800 Job No. 138 $ 19,200 37,900 75,800 $ 132,900 Job No. 139 $ 23,000 39,200 78,400 $ 140,600 Job No. 140 $ 6,800 3,200 6,400 $ 16,400
Problem 15-3A Part 2 2. Prepare journal entries to record the events and transactions a through i. View transaction list View journal entry worksheet No Transaction General Journal Credit Debit 240,000 Raw materials inventory Accounts payable 240,000 2 b . Work in process inventory Factory overhead Raw materials inventory 131,000 20,000 151,000 3 C. Factory overhead Cash 15,500 15,500 4 d. Work in process inventory Factory overhead Cash 102,900 25,000 127,900 178,200 Work in process inventory Factory overhead 178,200 360,100 Finished goods inventory Work in process inventory 360,100 g(1). 540,000 Accounts receivable Sales 540,000 g(2). 219,500 Cost of goods sold Finished goods inventory 219,500 9 h. Factory overhead 151,000
Problem 15-3A Part 3 3. Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance. Work in Process Inventory Raw Materials Inventory 240,000 151,000 b. End.bal. 89,000 End.bal. Factory Overhead Finished Goods Inventory End.bal. End.bal. Cost of Goods Sold End.bal. 0
Problem 15-3A Part 4 4. Prepare a report showing the total cost of each job in process and prove that the sum of their costs equals the Work in Process Inventory account balance. Prepare similar reports for Finished Goods Inventory and Cost of Goods Sold. Report of Job Costs Work in Process Inventory Balance Finished Goods Inventory Balance Cost of Goods Sold Balance

Answers

1) Schedules: Direct Materials Direct Labors Factory Overhead Total costs allocated to the jobs Status at the end Job 136 $49Event Credit NOTE-1 Debit $240,000 b) $131,000 $20,000 $15,500 General Journal Materials Accounts Payable Work in Process Fac$156,500 Job 137 Factory overhead Accumulated depreciation-Build. Accumulated depreciation-Equip. Prepaid Insurance Property$0 Report of Job Costs Work in Process Inventory Beginning balance Job 137 $64,800 Job 140 $16,400 Balance $81,200 Finished G


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