Data table Requirement 4. Prepare a kb cost recond for Job 423 . Caloulate the precenemned ovechead alsezfoa cate (oound to two decimel places), then alocale manulachuring overnead to the job More info a. Purchased materials on account, $480,000 b. Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. c. The company incurred total wages of $280,000. Use the data from item b to assign the wages. Wages are not yet paid. d. Depreciation of construction equipment, $6,000 e. Other overhead costs incurred: Equipment rentals paid in cash, $40,000; Worker liablity insurance expired, $9,000. f. Allocated overhead to jobs. g. Houses completed: 402,404 h. House sold on account. 404 for $200,000 Requirements 1. Calculate Memory's predetermined overhead allocation rate for the year. 2. Prepare journal entries to record the events in the general journal. 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the appropriate entries to these accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account. 5. Add the costs of the completed house that has not yet been sold, and show that this equals the ending balance in Finished Goods Inventory. 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Memory Constrction? Memory Construction, inci is a home builder in Arizona. Membey uses a job onder cosing system in which esch house is a job. Bocause z constructs houses, the compery uses an account atted Construction Ovenead. The company apples ovetead based on eximated drect labor conts. For the yeac. it estmated constrution ovechesd of $1,200,000 and total direct laber cost of $2,400,000. The folowing events occured dining August (i) (cick the ison bo vew the erents) Plead the - Bhinhasen matnias on accoh 5490.600 b. Hecistered dred malerais and vised drect aboe in corshocton Meiod ire makerials requstionet. Data table Requirement 4. Prepare a kb cost recond for Job 423 . Caloulate the precenemned ovechead alsezfoa cate (oound to two decimel places), then alocale manulachuring overnead to the job More info a. Purchased materials on account, $480,000 b. Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. c. The company incurred total wages of $280,000. Use the data from item b to assign the wages. Wages are not yet paid. d. Depreciation of construction equipment, $6,000 e. Other overhead costs incurred: Equipment rentals paid in cash, $40,000; Worker liablity insurance expired, $9,000. f. Allocated overhead to jobs. g. Houses completed: 402,404 h. House sold on account. 404 for $200,000 Requirements 1. Calculate Memory's predetermined overhead allocation rate for the year. 2. Prepare journal entries to record the events in the general journal. 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the appropriate entries to these accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account. 5. Add the costs of the completed house that has not yet been sold, and show that this equals the ending balance in Finished Goods Inventory. 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Memory Constrction? Memory Construction, inci is a home builder in Arizona. Membey uses a job onder cosing system in which esch house is a job. Bocause z constructs houses, the compery uses an account atted Construction Ovenead. The company apples ovetead based on eximated drect labor conts. For the yeac. it estmated constrution ovechesd of $1,200,000 and total direct laber cost of $2,400,000. The folowing events occured dining August (i) (cick the ison bo vew the erents) Plead the - Bhinhasen matnias on accoh 5490.600 b. Hecistered dred malerais and vised drect aboe in corshocton Meiod ire makerials requstionet
