Answered step by step
Verified Expert Solution
Question
1 Approved Answer
may someone help me solve this problem and show how to solve the question Case Inc. is a construction company specializing in custom patios. The
may someone help me solve this problem and show how to solve the question
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, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory Work in Process Inventory $ 5,082 $ 6,703 Manufacturing Overhead Applied Manufacturing Overhead Incurred $ 39,494 $ 38,297 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 $ 726 $ 968 $ 1,089 Direct labor 387 653 702 Manufacturing overhead 484 817 877 $ 1,597 $ 2,438 $ 2,668 During June, raw materials purchased on account were $ 5,929 , and all wages were paid. Additional overhead costs consisted of depreciation on equipment $ 1,089 and miscellaneous costs of $ 484 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer Job Rodgers Koss Stevens Linton Rodgers Materials Requisition Slips $ 968 2,420 605 1,573 363 Time Tickets $ 1,029 968 436 1,452 472 General use 5,929 1,815 4,357 1,452 $ 7,744 $ 5,809 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 $ 22,869 . Each customer paid in full. Your answer is partially correct. Try again. 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. Round answers to 0 decimal places, e.g. 2,500.) No Account Titles and . Explanation Debit Credit 6,262 (1) 6,262 (To record purchase of raw materials) (To record factory labor costs paid) (To record manufacturing overhead costs incurred) (2) (To record assignment of direct materials) (To record assignment of factory labor) (To record assignment of manufacturing overhead) (3) (To record completion of jobs) (To record sale of goods) (To record the cost of goods sold) Your answer is incorrect. Try again. Post the entries to Work in Process Inventory. (Round answers to 0 decimal places, e.g. 2,500.) Work in Process Inventory 6/1 June 6/30 Your answer is incorrect. Try again. Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. (Round answers to 0 decimal places, e.g. 2,500.) Costs of unfinished Job: Direct Materials $ + Direct Labor $ + Manufacturing Overhead $ =$ Your answer is incorrect. Try again. Prepare a cost of goods manufactured schedule for June. (Round answers to 0 decimal places, e.g. 2,500.) CASE INC. Cost of Goods Manufactured Schedule $ $ : $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started