Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journalize the June transactions: (1) purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (2) assignment of direct materials, labor, and

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Journalize the June transactions: (1) 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Workin Process Inventory Manufacturing Overhead Factory Labor (To record assignment of factory labor) Workin Process Imventory Manufacturing Overhead (To record assignment of manufacturing overhead) (3) Finished Goods Inventory Work in Process Inventory Subsidiary data for Work in Process Inventory on June 1 are as follows. During June, raw materials purchased on account were $5,100, and $4,700 of factory wages were paid. Additional overhead costs consisted of depreciation on equipment $800 and miscellaneous costs of $400 incurred on account. Question 8 of 8 0.67/3.5 Manufacturing Overhead 4375 (To record assignment of manufacturing overhead) (3) Finished Goods inventory Work in Process Inventory (To record completion of jobs) Cash Sales Revenue (To record sale of goods) Cost of Goods Sold Finished Goods Ifwentory (To record factory labor costs paid) Manufacturing Overhead Accumulated Depreciation-Equipment Accounts Payable (To record manufacturing overhead costs incurred) (2) Work in Process Inventory Manufacturing Overhead 1300 Raw Materials Inventory (To record assignment of direct materials) Work in Process Inventory Wildhorse Inc, is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On June 1, 2022, the general ledger for Wildhorse Inc, contains the following data. Subsidiary data for Work in Process Inventory on June 1 Jre as follows, A summary of materials requisition slips and time tickets for June shows the following. Overhead was assigned to jobs at the same rate of $1.25 per dollar of direct labor cost throughout the year. The patios for customers Rodgers, Stevens, and tinton were completed during dune and sold for a total of $20,800. Each customer paid in fullat the time of sale

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_2

Step: 3

blur-text-image_3

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

Financial Accounting And Reporting

Authors: Mr Barry Elliott, Jamie Elliott

16th Edition

027377817X, 978-0273778172

More Books

Students also viewed these Accounting questions

Question

5 Name at least three recruitment methods.

Answered: 1 week ago