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Please Answer Part B and Step 2 as follows : Post the entries to Work in Process Inventory. Step 3 : Reconcile the balance in
Please Answer Part B and
Step 2 as follows :
Post the entries to Work in Process Inventory.
Step 3 :
Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs.
Last Step : Prepare a cost of goods manufactured schedule for June. No incomplete answers please answer asap! Someone Knowledgable!
Problem 15-3A Stellar 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, 2012, the general ledger for Stellar Inc. contains the following data Raw Materials Inventory Work in Process Inventory $5,745 Manufacturing Overhead Incurred Subsidiary data for Work in Process Inventory on June 1 are as follows $33,848 $32,821 $4,355 Manufacturing Overhead Applied Job Cost Sheets Customer Job Rosenthal Cost Element Direct materials Direct labor Manufacturing overhead Gannon Linton $622 332 415 $1,369 $830 560 700 $2,090 $933 601 752 2,090 $2,286 2 During June, raw materials purchased on account were $5,081, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $726 and miscellaneous costs of $415 incurred on account A summary of materials requisition slips and time tickets for June shows the following Materials Requisition Slips Time Tickets Customer 0 Gannon Koss Rosenthal Linton Gannon $830 2,074 519 1,348 311 5,082 1,556 $6,638 $467 830 373 1,244 404 3,318 1,244 $4,562 General use Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Gannon, Rosenthal, and Linton were completed during June and sold for a total of $19,599. Each customer paid in fullStep by Step Solution
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