Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
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 patios are constructed of concrete, brick.berglass, and lumber, depending upon customer preference on June 1, 2020, the general ledger for Case Inc. contains the following data, $34.100 Raw Materials inventory $4,500 Manufacturing Overhead Applied Work in Process Inventory $5,150 Manufacturing Overhead incurred $31.100 Subsidiary data for Work in Process inventory on June 1 are as follows. Linton Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $ 500 $700 Direct labor 300 600 Manufacturing overhead 375 750 $ 2050 $ 800 500 625 $ 1.175 $ 1.925 During June raw materials purchased on account were $ 4.900, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $800 and miscellaneous costs of 5 400 incurred on account. During June, raw materials purchased on account were $ 4900, and all wages were paid. Additional overhead costs consisted of depreciation on equipment S 800 and miscellaneous costs of S 400 incurred on account A summary of materials requisition slips and time tickets for June shows the following Customer Job Materials Requisition Slips Time Tickets Rodgers $ 700 $ 800 2,000 800 Koss Stevens 500 400 Linton 1,400 1,300 Rodgers 300 500 4.900 3,800 General use 1.600 1.200 $6,500 $5,000 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 $ 20,200, Each customer paid in full. Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead automatenmantot dient stort stor rodowachandrancoduction sodirloomstationofinho andatot mond Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (2) assignment of direct materials, tabor, 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 (1) (To record purchase of raw materials) To record factory labor costspald) (To record manufacturing overhead costs incurred) 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 6/1 6/30 e Textbook and Media List of Accounts Question Part Score --/0.62 Reconcile the balance in Work in Process inventory with the costs of unfinished jobs Costs of unfinished Jobs Direct Materials +Direct Labor eTextbook and Media List of Accounts Question Part Score /0.63 Prepare a cost of goods manufactured schedule for June CASE INC. Cost of Goods Manufactured Schedule 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

Recommended Textbook for

Cost Accounting Principles And Applications

Authors: Horace R. Brock

5th Edition

0070081522, 978-0070081529

More Books

Students also viewed these Accounting questions

Question

=+10. a. How is a predetermined factory overhead rate calculated?

Answered: 1 week ago

Question

List and describe three behavioral leadership theories.

Answered: 1 week ago