Memory homes manufactures pre-fabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred during May:

PLEASE READ AND SOLVE ALL 5 REQUIREMENTS.

Mamory Homes manulactures prefabricated chalets in Colorado. The company uses a perpetual inventory syatem and a job cost system in which each chaiet is a job. The following events oceurrod during May: (Cick the ioon to viow the events) Read the cequisements- Requirement 1. Record the events in the gerveral journal, (Fincord inbits fint, than crodts. Explude orplanasions from any ;oumal entries.) Start with the entry from ovent (a). Purchased materials on acoount, $460,000; More info a. Purchased materials on account, $460,000. b. Incurred total manufacturing wages of $119,000, which included both direct labor and indirect labor. Used direct labor in manufacturing as follows: Requirements 1. Record the preceding events in the general journal. 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? d. Depreciation of manufacturing equipment used on different chalets, $6,300. e. Other overhead costs incurred on Chalets 13-16: 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 $95,000 and 16 for $143,000