Problem A Algo Preparing job cost sheets, recording costs, preparing inventory ledger accounts LO
P P P
The following information applies to the questions displayed below.
Watercraft's predetermined overhead rate is of direct labor. Information on the company's production activities
during May follows.
a Purchased raw materials on credit, $
b Materials requisitions record use of the following materials for the month.
c Time tickets record use of the following labor for the month. These wages were paid in cash.
d Applied overhead to Jobs and
e Transferred Jobs and to Finished Goods Inventory.
f Sold Jobs and on credit at a total price of $
g Recorded the cost of goods sold for Jobs and
h Incurred the following actual other overhead costs during the month.
i Applied overhead at monthend to the Work in Process Inventory account for Job and using the
predetermined overhead rate of of direct labor cost.
Post the journal entries for the transactions to the following Taccounts, each of which started the month with a zero balance.
