Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Crane Inc. is a construction company specializing in custom patios. The patios are coristructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On

image text in transcribed
image text in transcribed
Crane Inc. is a construction company specializing in custom patios. The patios are coristructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On June 1, 2022, the general ledger for Crame Inc. contains the following data. Subsidiary data for Work in Process Inventory on June 1 are as follows. During June, raw materials purchased on account were $5,100, and $4,700 of factory wages were paid. Additional overhead costs consisted of depreciation on equipment $1,000 and miscelianeous costs of 5400 incurred on account. A summary of materials requisition slips and time tickets for June shows the following." Overtead was aosigned to jobs at the same rate of 51.25 per dollar of direct tatior cost throughout the yeay. The patios for customers Podperk Stevens and Linton were completed during June and sold for a total of $18. 900 . Each custorner paid in full at the time of ule. Accounts Priabien (To recond purchase of raw materials) Factitry a ater (To record factery labor (osts onlef) Makutwhering Oventeat Aosaraiated Droreciakios fiqupenment Accopras Payable (To record manyacturing overhead costs incurrede 23) Wock whoorin liwerdory Mardacturing Owertead Raw Materials Inientory (To record assignment of raw materials) Wark in Process liwentory Marutatiariy Cvertueis. Factary Labce (To record assisnancent of factory laboe) Work in Pracest inteptory Marufarturirce Oventicad Fo record astignenent of manuf acturing overhesd, Frideded Copdi ineentary Work in Protase insmary Tla recond completion of jatres. Can Sales ilenium (To record sale of soods) Cour of Sasda Sold

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_2

Step: 3

blur-text-image_3

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

GMP Audit Trainer Good Manufacturing Practices Made Easy

Authors: Mr Brendan Cooper

1st Edition

1548711934, 978-1548711931

More Books

Students explore these related Accounting questions

Question

What are the purposes of promotion ?

Answered: 3 weeks ago