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Job costing for P 15.3A changed the objectives and changed the OH rate to 1.35 Use the data in the problem to determine: The cost

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  1. Job costing for P 15.3A changed the objectives and changed the OH rate to 1.35 Use the data in the problem to determine:
    1. The cost of each job at the end of June
    2. Gross profit for the month of June
    3. WIP balance at the end of June
    4. FG inventory balance at the end of June
  2. Submit a document with answers and supporting calculations into the group discussion topic by end of class time on day 2 this week.
  3. To receive credit, need evidence of each person's participation and contribution to solving this problem.
image text in transcribed P15A.3 (LO 1, 2 , 3, 4, 5), AP 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, 2022, accounting records for Case Inc. contain the following data. Subsidiary data for Work in Process Inventory on June 1 are as follows. During June, raw materials purchased on account were $4,900, 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. Overhead was charged to jobs at the rate of $1.25 per dollar of direct labor cost. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold. Each customer paid in full. Instructions a. Using the format shown in Illustration 15A.24, record 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. b. Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. c. Prepare a cost of goods manufactured schedule for June. c. Cost of goods manufactured $14,740 Compute predetermined overhead rates, apply overhead, and calculate under-or overapplied overhead. A B C D E F G Problem 15.3 partial Using OH rate of 1.35 , complete the following schedule for the cost of each job at June 30 . \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|l|}{ Linton } \\ \hline \multicolumn{5}{|l|}{ Koss } \\ \hline \multicolumn{5}{|c|}{ Supporting calculations: } \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular}

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