Widmer watercraft\'s predetermined overhead rate for year 2015 is 200% of direct

Question

Widmer watercraft's predetermined overhead rate for year 2015 is 200% of direct labor. Information on the company's production activities during May 2015 follows a. Purchased raw materials on credit, $260,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 49,000 33,500 19,600 23,400 7,000 Total direct materials Indirect materials 132,500 20,000 Total materials used $152,500 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 12,300 10,800 37,500 39,400 3,800 Total direct labor Indirect labor 03,800 25,500 Total $129,300 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 $535,000 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 $68,500 37,500 0,000 35,500 i. Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the

Explanation / Answer

Job No. 136

Transaction

Reports of Job Costs

1

Job No. 136

Job
No. 137 Job
No. 138 Job
No. 139 Job
No. 140 Materials (b. ) $49,000 $33,500 $19,600 $23,400 $7,000 Labor (d. ) 12,300 10,800 37,500 39,400 3,800 Overhead (200% of labor) 24,600 21,600 75,000 78,800 7,600 Total cost 85900 65900 132100 141600 18400

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