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, 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 patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. Raw Materials Inventory Work in Process Inventory $4,500 $5,675 Manufacturing Overhead Applied Manufacturing Overhead Incurred $35,900 $29,300 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $600 $900 Direct labor 300 600 Manufacturing overhead 375 750 $1,275 $2,250 Linton $800 600 750 $2,150 During June, raw materials purchased on account were $5,200, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $800 and miscellaneous costs of $500 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer Job Time Tickets $700 Rodgers Koss 800 300 Stevens Linton Rodgers Materials Requisition Slips $800 2,200 400 1,500 300 5,200 1,600 $6,800 1,300 300 General use 3,400 1,300 $4,700 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 $18,000. 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 (1) (To record purchase of raw materials) (To record factory labor costs paid) (To record manufacturing overhead costs incurred) (2) (To record assignment of direct materials) (To record assignment of factory labor) (To record assignment of manufacturing overhead) (3) (To record completion of jobs) (To record sale of goods) (To record the cost of goods sold) 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 6/1 June 6/30 e Textbook and Media List of Accounts Question Part Score --/0.5 Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. Costs of unfinished Job: Direct Materials $ + Direct Labor $ e Textbook 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

Recommended Textbook for

Auditing and Assurance services an integrated approach

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

14th Edition

133081605, 132575957, 9780133081602, 978-0132575959

More Books

Students also viewed these Accounting questions

Question

=+b) Is MediaChips manufacturing process in control?

Answered: 1 week ago