Westin Watercraft’s predetermined overhead rate for year 2011 is 200% of direct

Question

Westin Watercraft’s predetermined overhead rate for year 2011 is 200% of direct labor. Information on the company’s production activities during May 2011 follows.

  

  

  

  

  

The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance).

  

  

Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.

25.

Required information

Prepare a job cost sheet for each job worked on during the month. (Omit the "$" sign in your response.)

26.

Required information

Prepare journal entries to record the events and transactions a through j. (Omit the "$" sign in your response. )

27.

Required information

Prepare a report showing the total cost of each job in process and prove that the sum of their costs equals the Goods in Process Inventory account balance. Prepare similar reports for Finished Goods Inventory and Cost of Goods Sold. (Omit the "$" sign in your response.)

Westin Watercraft’s predetermined overhead rate for year 2011 is 200% of direct labor. Information on the company’s production activities during May 2011 follows.

Explanation / Answer

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Job Cost Sheet Job No. 136 Job No. 137 Job No. 138 Job No. 139 Job No. 140 Materials 49000 33500 20000 23000 7000 Labor 12100 10800 37700 39200 3000 Overhead 24200 21600 75400 78400 6000 Total cost $ 85300 65900 133100 140600 16000

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