Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pharoah Inc. is a construction company specializing in custom patice. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On
Pharoah Inc. is a construction company specializing in custom patice. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On June 1, 2022, the general ledeer for Pharoah lnc. contains the follawing data. Subsidiary data for Work in Process lmventory on June 1 are as follows. During June, raw materials purchased on account were $5,400, and $4,600 af factory wages were paid Additional overhead costs consisted of depreciation on equipment $1,000 and miscellaneous costs of $500 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Overhead was assiened 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 Linton were completed during June and sold for a total of $17,400. Each customer paid in full at the time of sale. Journalize the June transactions: (1) purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs in al Question 2 of 3 /1() [To record assienment of manufacturing overhead) (3) (To record completion of jabs) [To record sale of Eoods] [To record the cost of eoods sold] eTextbook and Media List of Accounts Post the entries to Work in Process Inventory. (Post the entries to Work in Process lnventory in the order presented in the problem.) Work in Process lnventory 6/1 lune eTextbook and Media List of Accounts Reconcile the balance in Work in Process Imventory with the costs of unfinished jobs. Prepare a cost of poods manufactured schedule for June. Pharoah Inc. is a construction company specializing in custom patice. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On June 1, 2022, the general ledeer for Pharoah lnc. contains the follawing data. Subsidiary data for Work in Process lmventory on June 1 are as follows. During June, raw materials purchased on account were $5,400, and $4,600 af factory wages were paid Additional overhead costs consisted of depreciation on equipment $1,000 and miscellaneous costs of $500 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Overhead was assiened 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 Linton were completed during June and sold for a total of $17,400. Each customer paid in full at the time of sale. Journalize the June transactions: (1) purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs in al Question 2 of 3 /1() [To record assienment of manufacturing overhead) (3) (To record completion of jabs) [To record sale of Eoods] [To record the cost of eoods sold] eTextbook and Media List of Accounts Post the entries to Work in Process Inventory. (Post the entries to Work in Process lnventory in the order presented in the problem.) Work in Process lnventory 6/1 lune eTextbook and Media List of Accounts Reconcile the balance in Work in Process Imventory with the costs of unfinished jobs. Prepare a cost of poods manufactured schedule for June
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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