Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A)Journalize the June transactions: (i) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (ii) assignment of direct materials, labor,

image text in transcribed

A)Journalize the June transactions: (i) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (ii) assignment of direct materials, labor, and overhead to production; and (iii) completion of jobs and sale of goods.

B)Post entries to work in process inventory.

C)Reconcile the balance in Work in Process Inventory with the costs of the unfinished jobs. D) Prepare a cost of goods manufactured schedule for june

Prepare entries in a job order cost system and cost of goods manufactured schedule P15-3A Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer prefer- ence. On June 1, 2017, the general ledger for Case Inc. contains the following data (LO 1, 2,3, 4, 5), AP Raw Materials Inventorv Work in Process Inventory $4,200 $5,540 Manufacturing Overhead Applied Manufacturing Overhead Incurred $32,640 $31,650 XLS Subsidiary data for Work in Process Inventory on June 1 are as follows Job Cost Sheets Customer Job Cost Element Rodgers Direct materials Direct labor Manufacturing overhead $600 320 400 Stevens $ 800 540 675 $2,015 Linton $900 580 725 $2,205 $1,320 During June, raw materials purchased on account were $4,900, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscel laneous costs of $400 incurred on account A summary of materials requisition slips and time tickets for June shows the following Customer Job Rodgers Koss Stevens Linton Rodgers Materials Requisition Slips $ 800 2,000 500 1,300 300 4,900 1,500 $6,400 Time Tickets $ 850 800 360 1,200 390 3,600 1,200 $4,800 General use Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $18,900. Each customer paid in full Instructions (a) Journalize the June transactions: (1) for purchase of raw materials, factory labor costs

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

HR Self Audits A Strategy For Continuous Improvement

Authors: Wynette Harewood, Marilyn Silverman

1st Edition

B0BQXT8R3P, 979-8843293192

More Books

Students also viewed these Accounting questions

Question

Why We Form Relationships Managing Relationship Dynamics?

Answered: 1 week ago