Widmer Watercraft’s predetermined overhead rate for the year2017 is 200% of direct labor. Information on the company’sproduction activities during May 2017 follows. Purchased rawmaterials on credit, $220,000. Materials requisitions record use ofthe following materials for the month. Job 136 $ 48,500 Job 13732,500 Job 138 19,800 Job 139 22,800 Job 140 6,600 Total directmaterials 130,200 Indirect materials 20,500 Total materials used $150,700 Paid $15,250 cash to a computer consultant to reprogramfactory equipment. Time tickets record use of the following laborfor the month. These wages were paid in cash. Job 136 $ 12,100 Job137 10,600 Job 138 37,700 Job 139 39,200 Job 140 3,400 Total directlabor 103,000 Indirect labor 24,000 Total $ 127,000 Appliedoverhead to Jobs 136, 138, and 139. Transferred Jobs 136, 138, and139 to Finished Goods. Sold Jobs 136 and 138 on credit at a totalprice of $535,000. The company incurred the following overheadcosts during the month (credit Prepaid Insurance for expiredfactory insurance). Depreciation of factory building $ 70,000Depreciation of factory equipment 38,000 Expired factory insurance11,000 Accrued property taxes payable 35,500 Applied overhead atmonth-end to the Work in Process Inventory account (Jobs 137 and140) using the predetermined overhead rate of 200% of direct laborcost. 4. Prepare a report showing the total cost of each job inprocess and prove that the sum of their costs equals the Work inProcess Inventory account balance. Prepare similar reports forFinished Goods Inventory and Cost of Goods Sold.