Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

c Determine the gross profht to be reported tor Prepare entries in a job order cost system and cost of goods manufactured schedule. (LO 1,

image text in transcribed

image text in transcribed

c Determine the gross profht to be reported tor Prepare entries in a job order cost system and cost of goods manufactured schedule. (LO 1, 2, 3, 4, 5), AP nc, is a construction company specializing in custom patios. The patios are eted of concrete, brick, fiberglass, and lumber, depending upon customer prefer- constructed brick, fibergla June 1, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory $4200 Manufacturing Overhead Applied $32640 ventory $5,540 Manufacturing Overhead Incurred $31,650 Work in Process In XLS ows Subsidiary data for Work in Process Inventory on June 1 are as foll Job Cost Sheets Customer Job Linton $ 900 580 725 Stevens Rodgers S 600 320 400 Cost Element 800 540 Direct materials Direct labor Manufacturing overhead 675 $1,320 $2015 $2205 terials 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 Materials Requisition Slip Time Tickets $ 850 800 360 1,200 390 800 Rodgers Koss Stevens Linton Rodgers 500 1,300 300 4,900 1,500 $6,400 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 incurred, and manufacturing overhead costs incurred; (2) assignment of direct materials labor, and overhead to production; and (3) completion of jobs and sale of goods

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

Advanced Principles Of Auditing

Authors: Hugo Romero

1st Edition

1632409372, 978-1632409379

More Books

Students also viewed these Accounting questions