Question
I ONLY NEED THE BOXES MARKED RED TO BE ANSWERED, NOTHING ELSE. (I'm not asking for a full question to be answered, just the 13
I ONLY NEED THE BOXES MARKED RED TO BE ANSWERED, NOTHING ELSE. (I'm not asking for a full question to be answered, just the 13 blanks marked RED)
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 | $4,100 | Manufacturing Overhead Applied | $34,600 | |||
Work in Process Inventory | $5,900 | Manufacturing Overhead Incurred | $29,300 |
Subsidiary data for Work in Process Inventory on June 1 are as follows.
Job Cost Sheets | ||||||
Customer Job | ||||||
Cost Element | Rodgers | Stevens | Linton | |||
Direct materials | $600 | $900 | $800 | |||
Direct labor | 400 | 600 | 600 | |||
Manufacturing overhead | 500 | 750 | 750 | |||
$1,500 | $2,250 | $2,150 |
During June, raw materials purchased on account were $5,200, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June shows the following.
Customer Job | Materials Requisition Slips | Time Tickets | ||
Rodgers | $800 | $800 | ||
Koss | 2,200 | 800 | ||
Stevens | 600 | 400 | ||
Linton | 1,400 | 1,100 | ||
Rodgers | 200 | 400 | ||
5,200 | 3,500 | |||
General use | 1,600 | 1,100 | ||
$6,800 | $4,600 |
Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $18,700. Each customer paid in full.
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.)
Post the entries to Work in Process Inventory. (Post the entries to Work in Process Inventory in the order presented in the problem.)
Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. Prepare a cost of goods manufactured schedule for June.
No.Account Titles and Explanation Debit Credit (1) 5,200 Raw Materials Inventory Accounts Payable 5,200 (To record purchase of raw materials) Factory Labor 4,600 Cash 4,600 (To record factory labor costs paid) Manufacturing Overhead 1400 Accumulated Depreciation-Equipment 900 Accounts Payable 500 (To record manufacturing overhead costs incurred) (2) Work in Process Inventory 5,200 Manufacturing Overhead 1600 Raw Materials Inventory 6,800 (To record assignment of direct materials) 3,500 Work in Process Inventory Manufacturing Overhead 1,100 Factory Labor 4,600 (To record assignment of factory labor) Work in Process Inventory 4,375 Manufacturing Overhead 4,375 (To record assignment of manufacturing overhead) (3) Finished Goods Inventory Workin Process Inventory (To record completion of jobs) Cash 18,700 Sales Revenue 18,700 (To record sale of goods) Cost of Goods Sold Finished Goods Inventory (To record the cost of goods sold) NOO Work in Process Inventory Completed Work 6/1 June Balance 5,900 Direct Materials 5,200 Direct Labor 3,500 Overhead Applied 4.375 6/30 Balance 4,180 Costs of unfinished Job: Koss Direct Materials $ 880 Manufacturing Overhead $ 2,200 Direct Labor $ = S 1.100 4,180 CASE INC. Cost of Goods Manufactured Schedule For the Month Ended June 30, 2020 Work in Proces5, June 1 5,900 Direct Materials Used 5,200 Direct Labor 3,500 Manufacturing Overhead Applied 4,375 Total Manufacturing Costs 13075 Total Cost of Work in Process 18,975 Work in Process. June 30 Less 4,180 $ Cost of Goods Manufactured 14,795Step by Step Solution
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