Cottage Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred during May (Click the icon to view the events.) Read the requirements (9) Chalets completed: 13, 15, and 16. More Info Journal Entry Accounts Date Debit Credit 9 Finished Goods Inventory a. Purchased materials on account, $470,000. b. Incurred total manufacturing wages of $114,000, which included both direct labor and indirect labor. Used direct labor in manufacturing as follows: Direct Labor Work in Process Inventory Chalet 13. $ 14.700 (h) Chalets sold on account: 13 for $99,000 and 16 for $143,000. First record the sale of the chalets. Journal Entry Chalet 14. $ 28,200 Chalet 15... $ 19,500 Chalet 16........... $ 21,600 c. Requisitioned direct materials in manufacturing as follows: Direct Materials Date Debit Credit Accounts h. || Accounts Receivable Sales Revenue 242000 Chalet 13. $ 41,200 242000 Chalet 14 $ 56,100 Next, record the cost of goods sold. Journal Entry Chalet 15. $ 62,900 Chalet 16......... $ 66,400 d. Depreciation of manufacturing equipment used on different chalets, 56,200. e. Other overhead costs incurred on Chalets 1316: Equipment rentals paid in cash...... $ 10,800 Prepaid plant insurance expired ..... $ 8,000 f. Allocated overhead to jobs at the predetermined rate of 60% of direct labor cost. g. Chalets completed: 13, 15, and 16. h. Chalets sold on account: 13 for $99,000 and 16 for $143,000 Date Accounts Debit Credit h Choose from any list or enter any number in the input fields and then continue to the next question. Print Done Requirement 2. Post the appropriate entries to the T-accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. Identify the ending account balance with the "Bal" reference on the applicable side of the account. Work in Process Inventory Finished Goods Inventory Requirement 3. Summarize the job costs of the unfinished chalet and show that this equals the ending balance in Work in Process Inventory. Add the costs of the unfinished chalet, and show that this total amount equals the ending balance in the Work in Process Inventory account. Cottage Homes Reconciliation of Work in Process Inventory Subsidiary and Control Accounts Unfinished chalet: Direct materials Direct labor Manufacturing overhead (60% of labor) Total cost equals Work in Process balance Requirement 4. Summarize the job cost of the completed chalet that has not yet been sold and show that this equals the ending balance in Finished Goods Inventory. Cottage Homes Reconciliation of Finished Goods Inventory Subsidiary and Control Accounts Completed, unsold chalet: Direct materials Direct labor Manufacturing overhead (60% of labor) Total cost equals Finished Goods balance Requirement 5. Compute the gross profit on each chalet that was sold. What costs must the gross profit cover for Cottage Homes? Chalet #13 Chalet #16 Gross profit