Westin Watercraft’s predetermined overhead rate for year 2011 is 200% of direct
ID: 2513671 • Letter: W
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.
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Prepare a job cost sheet for each job worked on during the month. (Omit the "$" sign in your response.)
26.
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Prepare journal entries to record the events and transactions a through j. (Omit the "$" sign in your response. )
27.
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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
1.
2. In the books of Westin Watercraft:
Job 136 Job 137 Job 138 Job 139 Job 140 Materials 49,000 33,500 20,000 23,000 7,000 Labor 12,100 10,800 37,700 39,200 3,000 Overhead 24,200 21,600 75,400 78,400 6,000 Total Cost 85,300 65,900 133,100 140,600 16,000 Transferred out (85,300) --- (133,100) (140,600) --- Ending balance 0 65,900 0 0 16,000Related Questions
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