Path: p QUESTION 3 Words:0 Jason's Asphalt does driveway and parking lot resurfacing work for large commercial clients as well as small residential clients. Inventory of materials is on hand at all times so that work can start as quickly as possible. On June 1, the Materials Inventory account (including direct and other materials) had a balance of $24,000. The Work-in-Process Inventory account is maintained to record costs of work not yet complete. There were two such jobs on June 1 with the following costs: Direct materials Direct labor Overhead (applied) Job 27 $10,250 9,000 2,700 Job 33 $35,000 17,500 5,250 Overhead is applied at 30 percent of the costs of direct labor for the current year. During June, Jason's Asphalt started two new jobs. Additional work was carried out on jobs 27 and 33, with the latter completed and billed to the customer, Pine Ridge Estates. Details on the costs incurred on jobs during June follow: Job No. Direct materials Direct labor Other June events: 27 $2,000 3,000 33 $3,200 4,500 34 $4,600 5,900 35 $2,000 1,600 Purchased materials (direct and indirect) for $9,400, on account. Billed Pine Ridge Estates for Job 33, $87,500. Determined payroll for indirect labor personnel totaled $1,250. Issued supplies and incidental materials (i.e., indirect materials) for current jobs costing $155. Incurred other cost items for the month as follows: o Property tax of the office building (paid in cash), $650 o Rent on material storage area, $775. The rent was prepaid in January for a 12-month period ended in December. o Depreciation of equipment used to complete jobs, $1,950 o Depreciation of the office computer, $120 Required: (Show supporting calculations to obtain credit) Prepare journal entries for June to record the following events: (Note: Use summary entries where appropriate by combining individual job data) 1. (2.5 points) Purchased of materials on account 2. (2.5 points) Issued direct materials to jobs BR 3 30 V 888 % MacBook Air red on during june Job No. 27 33 34 35 Direct materials $2,000 $3,200 $4,600 Direct labor 3,000 4,500 5,900 $2,000 1,600 Other june events: Purchased materials (direct and indirect) for $9,400, on account. Billed Pine Ridge Estates for Job 33, $87,500. Determined payroll for indirect labor personnel totaled $1,250. Issued supplies and incidental materials (i.e., indirect materials) for current jobs costing $155. Incurred other cost items for the month as follows: o Property tax of the office building (paid in cash), $650 o Rent on material storage area, $775. The rent was prepaid in January for a 12-month period ended in December. o Depreciation of equipment used to complete jobs, $1,950 o Depreciation of the office computer, $120 Required: (Show supporting calculations to obtain credit) Prepare journal entries for June to record the following events: (Note: Use summary entries where appropriate by combining individual job data) 1. (2.5 points) Purchased of materials on account 2. (2.5 points) Issued rect materials to jobs 3. (2.5 points) Used direct labor for jobs processed during the month 4. (2.5 points) Applied overhead costs to jobs 5. (3 points) Completed Jobs 27 and 33 6. (4 points) Recorded sales and cost of goods sold for Job 33, and billed Pine Ridge Estates 7. (4 points) Incurred and recorded overhead costs during June TTTT Paragraph Arial Oft Mashups T 66 3 20 F3 3 (12pt) E-T- NEC T T. &'s $ F4 % 5 HTML CSS FS MacBook Air