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I hav e completed A-G. I just need help with the rest of H and then 2-5 please (h) Chalets sold on account: 13 for
I have completed A-G. I just need help with the rest of H and then 2-5 please
(h) Chalets sold on account: 13 for $96,000 and 16 for $142,000. First record the sale of the chalets. Date Credit Journal Entry Accounts h. | Accounts Receivable Sales Revenue Debit 238,000 238,000 Next, record the cost of goods sold. Date Debit Credit Journal Entry Accounts h. || Cost of Goods Sold Finished Goods Inventory a. $ c. Purchased materials on account, $460,000. 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 Chalet 13 14,800 Chalet 14 28,200 Chalet 15. 19,900 Chalet 16...... 21,800 Requisitioned direct materials in manufacturing as follows: Direct Materials Chalet 13 41,100 Chalet 14 56,700 Chalet 15 62,500 Chalet 16 66,100 d. Depreciation of manufacturing equipment used on different chalets, $6,800. Other overhead costs incurred on Chalets 1316: Equipment rentals paid in cash ..... $ 10,800 Prepaid plant insurance expired..... $ 5,000 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 $96,000 and 16 for $142,000. $ $ e. 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. 3. Summarize the job costs of the unfinished chalet and show that this equals the ending balance in Work in Process Inventory. 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. 5. Compute the gross profit on each chalet that was sold. What costs must the gross profit cover for Memory Homes? h. Accounts Debit Credit Accounts receivable Sales Revenue Accounts Debit Credit Cost of goods sold Finished Goods Inventory Requirement 2: Work in process inventory g f balance Finished Goods Inventory g h balance Requirement 3: Reconciliation of work in process inventory subsidiary and control accounts chalet #14 unfinished chalet: direct materials direct Labor manufacturing overhead (60% of labor) total cost equals work in process balance Requirement 4: Sunrise Homes Reconciliation of finished goods inventory and subsidiary and control accounts chalet #15 completed, unsold chalet: direct materials direct Labor manufacturing overhead (60% of labor) Total cost equals work in process balance Requirement 5: The gross profit covers these types of costs customer service administration Design Distribution Marketing Research & development Requirement 5: The gross profit covers these types of costs customer service administration Design Distribution Marketing Research & development Sunrise homes Gross Profit on chalets sold in may chalet #13 chalet #16 Sales revenue Cost of goods sold Gross profitStep by Step Solution
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