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Given Data P19-03A Instructions: Prepare journal entries to record the events and transactions a through k. (Use the journal form provided. Prepare a...

Job Order Cost Accounting Answer Please!!
Given Data P19-03A Instructions: Company's data and journal entry information: Widmer Watercraft's predetermined overhead rate for year 1. Prepare journal entries to record the events and transactions 2008 is 200% of direct labor. Information on the company's a through k. (Use the journal form provided.) production activities during May 2008 follows: 2. Prepare a job cost sheet for each job worked on during the month. (Use the job cost forms provided.) a. Purchased raw materials on credit, $200,000. 3. Ledger accounts are included for six new accounts used b. Paid $126,000 cash for factory wages. in job order costing. Post the portion of the journal c. Paid $15,000 cash to a computer consultant to reprogram entries affecting just those accounts. factory equipment. 4. Prepare a report showing the total cost of each job in process d. Materials requisitions record use of the following materials and prove the sum of their costs equals the Goods in for the month: Process Inventory account balance. Prepare similar reports Job 136 $48,000 for Finished Goods Inventory and Cost of Goods Sold Job 137 32,000 ( forms are provided). Job 138 19,200 Job 139 22,400 Job 140 6,400 Total direct materials 128,000 Indirect materials 19,500 Total materials used $147,500 e. Time tickets record use of the following labor for the month. Job 136 $12,000 Job 137 10,500 Job 138 37,500 Job 139 39,000 Job 140 3,000 Total direct materials 102,000 Indirect materials 24,000 Total materials used $126,000 f. Applied overhead to Jobs 136, 138, and 139. g. Transferred Jobs 136, 138, and 139 to Finished Goods. h. Sold Jobs 136 and 138 on credit at a total price of $525,000. I. The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). Depreciation of factory build $68,000 Depreciation of factory equi 36,500 Expired factory insurance 10,000 Accrued property taxes pay 35,000 j. 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. k. Assuming the amount is insignificant, close the Factory Overhead account.
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Problem 19-3A Student Name: Class: data. Instructions: Company data and transactions: 1. Prepare entries in the general journal below to record the events and transactions Widmer Watercraft's predetermined overhead rate for year transactions a through k. (Transactions are listed to the right of these instructions. 2008 is 200% of direct labor. Information on the company's 2. Prepare a job cost sheet for each job worked on during the month. (Use the production activities during May 2008 fol ows: job cost forms below the journal). 3. Ledger accounts are provided (below the job cost sheets) for six new accounts used a. Purchased raw materials on credit, $200,000. in job order costing. Post the portion of the journal entries affecting just those b. Paid $126,000 cash for factory wages. accounts. c. Paid $15,000 cash to a computer consultant to reprogram 4. Prepare a report showing the total cost of each job in process and prove the sum of factory equipment. their costs equals the Goods in Process Inventory account balance. Prepare d. Materials requisitions record use of the fol owing materials similar reports for Finished Goods Inventory and Cost of Goods Sold (forms for the month: provided below the ledger accounts). Job 136 $48,000 Job 137 32,000 Job 138 19,200 1. Prepare journal entries to record the events and transactions a through j. Job 139 22,400 Job 140 6,400 WIDMER WATERCRAFT'S Total direct materials 128,000 General Journal Indirect materials 19,500 Total materials used $147,500 Trans. e. Time tickets record use of the fol owing labor for the month. LetterAccount Titles Debit Credit Job 136 $12,000 Job 137 10,500 a Job 138 37,500 Job 139 39,000 Job 140 3,000 b Total direct labor 102,000 Indirect labor 24,000 Total labor incurred $126,000 c f. Applied overhead to Jobs 136, 138, and 139. g. Transferred Jobs 136, 138, and 139 to Finished Goods. h. Sold Jobs 136 and 138 on credit at a total price of $525,000. d I. The company incurred the fol owing overhead costs during the month (credit Prepaid Insurance for expired factory insurance). Depreciation of factory building $68,000 e Depreciation of factory equipment 36,500 Expired factory insurance 10,000 Accrued property taxes payable 35,000 j. Applied overhead at month-end to the Goods in Process (Jobs f 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. k. Assuming the amount is not significant, close the g Factory Overhead account. Use following account titles: h Raw Materials Inventory Accounts Payable Sale part of entry Factory Payrol Cash Goods in Process Inventory Cost part of entry Factory Overhead I Finished Goods Inventory Accounts Receivable Sales Cost of Goods Sold Accum. Deprec.-Fact. Bld. Accum. Deprec.-Fact. Equip. j Prepaid Insurance Property Taxes Payable k 2. Prepare a job cost sheet for each job worked on during the month. (Use the job cost forms below.) Job No. 136 Materials Labor Overhead Total cost Job No. 137 Materials Labor Overhead Total cost Job No. 138 Materials Labor Overhead Total cost Job No. 139 Materials Labor Overhead Total cost Job No. 140 Materials Labor Overhead Total cost 3. Ledger accounts are provided (below the job cost sheets) for six new accounts used in job order costing. Post the portion of the journal entries affecting just those accounts. GENERAL LEDGER ACCOUNTS Raw Materials Inventory Account No. 110 Trans Explanation Debit Credit Balance a d Goods in Process Inventory Account No. 120 Date Explanation Debit Credit Balance d e f g j Finished Goods Inventory Account No. 130 Date Explanation Debit Credit Balance g h Factory Payrol Account No. 501 Date Explanation Debit Credit Balance b e Factory Overhead Account No. 502 Date Explanation Debit Credit Balance c d e f I j k Cost of Goods Sold Account No. 503 Date Explanation Debit Credit Balance h k 4. Prepare a report showing the total cost of each job in process and prove 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 (forms provided below the ledger accounts). Reports of Job Costs Goods in Process Inventory Job 137 Job 140 Balance Finished Goods Inventory Job 139 Balance Cost of Goods Sold Job 136 Job 138 Factory Overhead balance Balance Note: Account titles to use for journal entries are listed below the
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