Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. please answer every part :) thank you! Oriole Inc is a construction company specializing in custom patios. The patios are constructed of concrete, brick,

2.
please answer every part :)
thank you!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Oriole Inc is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On June 1,2022, the general ledger for Oriole Inc, contains the following data. Subsidiary data for Work in Process Inventory on June 1 are as follows. During Jane, raw materials purchased on account were $5,200, and $4,700 of factory wages were paid, Additional overhead costs consisted of depreciation on equipment $800 and miscellanecus costs of $500 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Qverhead was assigned to fobs at the same rate of $1.25 per dollar of direct labor cont throughout the year. The patios for customers Rodgers, Stevens, and Liton were completed during June and sold for a total of $18,000. Exch customer paid in full at the fime of sale. Joutnalizo the June tramactiom: 11) purchase of raw materials, factorylaboe costs incurred, and manufacturing overhead costs incurred; (2) assignrent of direct materials. labor, and ovethead to production and (3) completion of jobs and salo of toods. (List all debit entries before credit entries, Credit eccount tiffer are automatically indented when amount is entered, Do not indent manudly.] (To record assignment of factory labor) (To record assignment of manifacturing overhead) (3) (To record completion of jobt) (To record sale of goods) (To record the cost of goods sold) eTextbook and Media List of Accounts Fost the entries to Warikin Procesi Inventory. (Post the entriei to Work in Process imventary in the order presented in the prablem.] eTextbook and Medes Wist of Account Reconci io the balance in Work in Drcees lwentory with the conts of urfinited iabs Costs of urifwithed kab: brect Materiats 5 - Derect Later 5 + Manulactunne Oweheads Prepare a cost of goods manufactured schedule for June. eTextbook and Media List of Accounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Montgomerys Auditing Classic Reprint Series

Authors: Robert Hiester Montgomery

1st Edition

1390439356, 978-1390439359

More Books

Students also viewed these Accounting questions