Please help!! How do I find Finished Goods inventory and WIP inventory
this is due at 11:59 PM tonight!!
9/26/2019 Question 3 Question 3 Crane 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, 2020, the general ledger for Crane Inc. contains the following data. Raw Materials Inventory $4,100 Manufacturing Overhead Applied $31,200 Work in Process Inventory $5,250 Manufacturing Overhead Incurred $28,800 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 $600 $700 $800 Direct labor 300 500 500 Manufacturing overhead 375 750 625 $1,275 $2,050 $1,925 During June, raw materials purchased on account were $5,000, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $800 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer Materials Requisition Time Job Slips Tickets Rodgers $700 $1,000 Koss 2,10 900 Stevens 400 400 inton 1,400 1,100 Rodgers 400 300 5,00 3,700 General use 1,400 1,000 $6,400 $4,700 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 $18,600. Each customer paid in full. 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.) No. Account Titles and Explanation Debit Credit (1) Raw Materials Inventory 5000 Accounts Payable 5000 (To record purchase of raw materials) Factory Labor 4700 Cash 4700 (To record factory labor costs paid) Manufacturing Overhead 1200 Accumulated Depreciation-Equipment 800 Accounts Payable 400 (To record manufacturing overhead costs incurred) (2) Work in Process Inventory 5000 Manufacturing Overhead 1400 Raw Materials Inventory 6400 (To record assignment of direct materials) Work in Process Inventory 3700 Manufacturing Overhead 1000 https://edugen.wileyplus.com/edugen/lti/main.uni 1/39/26/2019 Question 3 Factory Labor 4700 (To record assignment of factory labor) Work in Process Inventory 4625 Manufacturing Overhead 4625 (To record assignment of manufacturing overhead) (3) Finished Goods Inventory Work in Process Inventory (To record completion of jobs) Cash Sales Revenue (To record sale of goods) Cost of Goods Sold Finished Goods Inventory (To record the cost of goods sold) SHOW LIST OF ACCOUNTS Post the entries to Work In Process Inventory. (Post the entries to Work In Process Inventory In the order presented In the problem.) Work In Process Inventory W1 Balance 1 June Completed Work 3 4. Direct Materials 3 0 Direct Labor 3 4. Overhead Applied = 6l30 Balance CI 4 SHOW LIST OF ACCOUNTS Reconcile the balance In Work In Process Inventory with the costs of unflnlshed jobs. Costs of unfinished Job: K055 Direct Materials $ + Direct Labor $ + Manufacturing Overhead $ SHOW LIST OF ACCOUNTS SHOW LIST OF ACCOUNTS Reconcile the balance In Work in Process Inventory with the costs of unfinished jobs. Costs of unfinished Job: K055 : Direct Materials $ + Direct Labor $ + Manufacturing Overhead $ = $ snow List or Accoun'rs Prepare a cost of goods manufactured schedule for June. CRANE INC. Cost of Goods Manufactured Schedule For the Month Ended June 30, 2020 : Work in Process, June 1 : $ Direct Materials Used = $ Direct Labor : Manufacturing Overhead Applied = Total Manufacturing Costs = Total Cost of Work in Process : Less : : Work in Process. June 30 : Cost of Goods Manufactured = $ httpszi'ledugen.wileypius.com/edugenfitil'mainmni 248 9196/2019 Question 3 Click if you would like to Show Work for this question: Qmhu SHCDWI LIST OF ACCOUNTS
