Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Attempt in Progress Case Inc is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Current Attempt in Progress 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 $4,600 Manufacturing Overhead Applied $35 400 Work in Process Inventory $5.350 Manufacturing Overhead Incurred $32,100 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 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1.275 $1,825 Linton $900 600 750 $2.250 During June raw materials purchased on account were $4,700, and all wages were paid. Additionat overhead costs consisted of depreciation on equipment $1.000 and miscellaneous costs of $400 Incurred on account. $1.275 $1,825 750 $2250 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account A summary of materials requisition slips and time tickets for June shows the following Customer Job Rodgers Koss Stevens Linton Rodgers Materials Requisition Slips $800 1,800 400 1.300 400 4.700 1.400 $6.100 Time Tickets $800 900 300 1.300 400 3,700 1.000 $4.700 General use Overhead was charged to jobs at the same rate of $125 per dollar of direct labor cost. The patios for customers Rodgers Stevens and Linton were completed during June and sold for a total of $20.600. Each customer paid in full (a) 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 pald) To record manufacturing overhead costs incurred (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

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

External Auditing Tutorial

Authors: Jo Osborne, John Taylor

1st Edition

9781909173965, 1909173967

More Books

Students also viewed these Accounting questions