Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Case Inc. is a construction company specializing in custom patios. The patics are constructed of concrete, brick, fiberglass and lumber, depending upon customer preference. On

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Case Inc. is a construction company specializing in custom patios. The patics are constructed of concrete, brick, fiberglass and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case in contains the following data Raw Materials Inventory $4.000 Manufacturing Overhead Applied $33,600 Work in Process inventory Manufacturing Overhead incurred $32.200 55,125 Subsidiary data for Work in Process inventory on June 1 are as follows Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton Direct materials $500 5800 5900 300 500 500 Direct labor Manufacturing overhead 375 625 625 $1,175 $1.925 $2.025 During June raw materiais purchased on account were $5.200, and all wages were paid Additional overhead costs consisted of depreciation on equipment $800 and miscellaneous costs of 5400 incurred on account Asummary of materials requisition slips and time tickets for June shows the following Materials Requisition Slips Rodgers $700 Customer Job Time Tickets 5800 Koss 2.200 700 Stevens 500 400 Linton 1.400 1.400 Rodgers 400 300 5,200 3,600 1,600 1.000 General Se $6,800 54.600 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 $17.000. Each customer paid in full 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 Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit Journalize the June transactions (1) for purchase of raw materials factory labor costs incurred and manufacturing overhead corts incurred; (2) signment of direct materials, labor and overhead to production, and (3) completion of jobs and sale of goods. Credit account titles are automatically indented when amount is entered. Do not indent manual) No. Account Titles and Explanation Debit Credit 10 To record purchase of raw materials) (To record factory labor costspaid) (To record manufacturing overhead costs incurred 12 [to record assignment of direct materials) to record assignment of factory labor To record assignment of manufacturing overhead) B (To record assignment of manufacturing overhead 133 To record completion otobs (To record sale of goods) To record the cost of goods sold) eTextbook and Media List of Accounts Post the entries to Work in Process Inventory, Post the entries to Work in Process inventory in the order presented in the problem.) Work in Process Inventory June > V > > 6/30 e Textbook and Media List of Accounts e Textbook and Media Ust of Accounts Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs Costs of unfinished Job Direct Materials + Direct Labor eTextbook and Media List of Accounts Prepare a cost of goods manufactured schedule for June CASE INC. Cost of Goods Manufactured Schedule $ $ > > > > $

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

Students also viewed these Accounting questions