Accounts payable, Accounts receivable, Accumulated depreciation-equipment, Cash, Cost of goods sold, Finish goods inventory, Manufacturing overhead, Prepaid insurance, Raw materials inventory, Sales revenue,Wages payable
0 More Info a. Purchased materials on account, $470,000 Incurred total manufacturing wages of $112,000, which included both direct labor and indirect labor. Used direct labor in manufacturing as follows: Direct Labor Chalet 13...........$ Chalet 14. ....... Chalet 15. ............$ Chalet 16.............$ 14,600 28,200 19,900 21,800 0 More Info Requisitioned direct materials in manufacturing as follows: Direct Materials Chalet 13......... 41,400 Chalet 14.......... 56,400 Chalet 15........... 62,200 Chalet 16 ........... $ 66,900 Depreciation of manufacturing equipment used on different chalets, $6,000 Other overhead costs incurred on Chalets 13-16 d. e. f. g. h. Equipment rentals paid in cash .....$ 10,000 Prepaid plant insurance expired.....$ 3,000 Allocated overhead to jobs at the predetermined rate of 60% of direct labor cost. Chalets completed: 13, 15, and 16. Chalets sold on account: 13 for $90,000 and 16 for $144.000. A Requirements 1. Record the preceding events in the general journal. 2. Post the appropriate entries to the T-accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. 3. Summarize the job costs of the unfinished chalet and show that this equals the ending balance in Work in Process Inventory. 4. Summarize the job cost of the completed chalet that has not yet been sold and show that this equals the ending balance in Finished Goods Inventory. 5. Compute the gross profit on each chalet that was sold. What costs must the gross profit cover for Quaint Homes? Print Done Quaint Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred during May: (Click the icon to view the events.) Read the requirements Requirement 1. Record the events in the general journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Start with the entry from event (a). Purchased materials on account, $470,000. Journal Entry Date Accounts | Debit Credit (b) Incurred total manufacturing wages of $112,000, which included both direct labor and indirect labor. Journal Entry Accounts Date Debit Credit (c) Requisitioned direct materials in manufacturing. Journal Entry Date Accounts Debit Credit (d) Depreciation of manufacturing equipment used on different chalets, $6,000. Journal Entry Accounts Date Debit Credit (e) Other overhead costs incurred on Chalets 13-16. Journal Entry Date Accounts Debit Credit (1) Allocated overhead to jobs at the predetermined rate of 60% of direct labor cost. Journal Entry Accounts Date Debit Credit (9) Chalets completed: 13, 15, and 16. Journal Entry Accounts Date Debit Credit (h) Chalets sold on account: 13 for $90,000 and 16 for $144,000. First record the sale of the chalets Journal Entry Accounts Date Debit Credit Next, record the cost of goods sold. Journal Entry Date Accounts Debit Credit Requirement 2. Post the appropriate entries to the T-accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. Identify the ending account balance with the "Bal" reference on the applicable side of the account. Work in Process Inventory Finished Goods Inventory Requirement 3. Summarize the job costs of the unfinished chalet and show that this equals the ending balance in Work in Process Inventory Add the costs of the unfinished chalet, and show that this total amount equals the ending balance in the Work in Process Inventory account Quaint Homes Reconciliation of Work in Process Inventory Subsidiary Choose from any list or enter any number in the input fields and then continue to the next question. 0 More Info a. Purchased materials on account, $470,000 Incurred total manufacturing wages of $112,000, which included both direct labor and indirect labor. Used direct labor in manufacturing as follows: Direct Labor Chalet 13...........$ Chalet 14. ....... Chalet 15. ............$ Chalet 16.............$ 14,600 28,200 19,900 21,800 0 More Info Requisitioned direct materials in manufacturing as follows: Direct Materials Chalet 13......... 41,400 Chalet 14.......... 56,400 Chalet 15........... 62,200 Chalet 16 ........... $ 66,900 Depreciation of manufacturing equipment used on different chalets, $6,000 Other overhead costs incurred on Chalets 13-16 d. e. f. g. h. Equipment rentals paid in cash .....$ 10,000 Prepaid plant insurance expired.....$ 3,000 Allocated overhead to jobs at the predetermined rate of 60% of direct labor cost. Chalets completed: 13, 15, and 16. Chalets sold on account: 13 for $90,000 and 16 for $144.000. A Requirements 1. Record the preceding events in the general journal. 2. Post the appropriate entries to the T-accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. 3. Summarize the job costs of the unfinished chalet and show that this equals the ending balance in Work in Process Inventory. 4. Summarize the job cost of the completed chalet that has not yet been sold and show that this equals the ending balance in Finished Goods Inventory. 5. Compute the gross profit on each chalet that was sold. What costs must the gross profit cover for Quaint Homes? Print Done Quaint Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred during May: (Click the icon to view the events.) Read the requirements Requirement 1. Record the events in the general journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Start with the entry from event (a). Purchased materials on account, $470,000. Journal Entry Date Accounts | Debit Credit (b) Incurred total manufacturing wages of $112,000, which included both direct labor and indirect labor. Journal Entry Accounts Date Debit Credit (c) Requisitioned direct materials in manufacturing. Journal Entry Date Accounts Debit Credit (d) Depreciation of manufacturing equipment used on different chalets, $6,000. Journal Entry Accounts Date Debit Credit (e) Other overhead costs incurred on Chalets 13-16. Journal Entry Date Accounts Debit Credit (1) Allocated overhead to jobs at the predetermined rate of 60% of direct labor cost. Journal Entry Accounts Date Debit Credit (9) Chalets completed: 13, 15, and 16. Journal Entry Accounts Date Debit Credit (h) Chalets sold on account: 13 for $90,000 and 16 for $144,000. First record the sale of the chalets Journal Entry Accounts Date Debit Credit Next, record the cost of goods sold. Journal Entry Date Accounts Debit Credit Requirement 2. Post the appropriate entries to the T-accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. Identify the ending account balance with the "Bal" reference on the applicable side of the account. Work in Process Inventory Finished Goods Inventory Requirement 3. Summarize the job costs of the unfinished chalet and show that this equals the ending balance in Work in Process Inventory Add the costs of the unfinished chalet, and show that this total amount equals the ending balance in the Work in Process Inventory account Quaint Homes Reconciliation of Work in Process Inventory Subsidiary Choose from any list or enter any number in the input fields and then continue to the next
