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PLEASE HELP!!! (please answer all parts) direct labor cost of $2,500,00 direct labor costs. For the year, it estimated construction overhead of $1,000,000 and total
PLEASE HELP!!! (please answer all parts)
direct labor cost of $2,500,00 direct labor costs. For the year, it estimated construction overhead of $1,000,000 and total (Click the icon to vollowing events occurred during August: Read the requirements. Requirement 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Unique Construction? What costs must gross profit cover for Unique Construction? The gross profit must cover these types of costs: f. Allocated overhead to jobs. g. Houses completed: 402,404 Requirement 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account. Requirement 5. Add the costs of the completed house that has not yet been sold, and show that this equals the ending balance in Finished Goods Inventory. h. House sold on account: 404 for $250,000 Begin by recording the revenue from the sale on account. Do not record the expense related to the sale in this jouma entry. We will do that in the next step. Now record the cost of goods sold from the sale of house 404. More info a. Purchased materials on tccount, $480,000 b. Requisitioned direct materials and used direct labor in construction. Rocorded the materials requisitioned c. The company incurred total wages of $300,000, Use the data from Item b to assign the wages. Wages are not yet paid. d. Depreciation of construction equipment, $6,300 e. Other overhead costs incurred: Equipment rentals paid in cash, $30,000; Worker liability insurance expired, $9,000. f. Allocated overhead to jobs. 9. Houses completed: 402,404 h. House sold on account 404 for $250,000 overnead oased on estimated direct labor costs. For the year, it estimated construction overhead of $1,000,000 and total direct labor cost of $2,500,000. The following events occurred during August: (Click the icon to view the events.) Read the requirements. Requirement 5. Add the costs of the completed house that has not yet been sold, and show that this equals the ending balance in Finished Goods Inventory. Requirement 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Unique Construction? Unique Construction, Inc. is a home builder in Arizona. Unique uses a job order costing system in which each house is a job. Because it constructs houses, the company uses an account titled Construction Overhead. The company applies overhead based on estimated direct labor costs. For the year, it estimated construction overhead of $1,000,000 and total direct labor cost of $2,500,000. The following events occurred during August: (Click the icon to view the events.) Read the requirements. Requirement 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the appropriate entries to these accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. Click to view the journal entries you prepared above. Requirement 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account. Unique Construction, Inc. Reconciliation of Work-in-Process Inventory Subsidiary overhead based on estimated direct labor costs. For the year, it estimated constrion Overhead. The company applies direct labor cost of $2,500,000. The following events occurred during Aut construction overhead of $1,000,000 and total i. (Click the icon to view the events.) Read the requirements. b. Requisitioned direct materials and used direct labor in construction. Record the matarialo. c. The company incurred total wages of $300,000. Use the data from Item b to assign the wages. (Assume the wages have not been paid.) d. Depreciation of construction equipment, $6,300 e. Other overhead costs incurred: Equipment rentals paid in cash, $30,000; Worker liability insurance expired, $ (Prepare a single journal entry for this event.) job. Because it con, Inc. is a home builder in Arizona. Unique uses a job order costing system in which each house is a overhead based onsinucts houses, the company uses an account titled Construction Overhead. The company applies direct labor cost of $2,500,000. (Click the icon to view the events.) Read the requirements. What costs must gross profit ver for Unique Construction? The gross profit must cover these types of costs: Requirements 1. Calculate Uniquo's predetermined overhead allocation rate for the year. 2. Prepare joumal entries to record the events in the general journal. 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the appropriate entries to these accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account. 5. Add the costs of the completed house that has not yet been sold, and show that this equals the ending balance in Finished Goods Inventory. 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Unique Construction? Unique Construction, Inc. is a home builder in Arizona. Unique uses a job order costing system in which each house is a job. Because it constructs houses, the company uses an account titied Construction Overhead. The company applies overhead based on estimated direct labor costs. For the year, it estimated construction overhead of $1,000,000 and total direct labor cost of $2,500,000. The following events occurred during August: (Click the icon to view the events.) Read the requirements. Requirement 1. Calculate Unique's predetermined overhead allocation rate for the year. Requirement 2. Prepare journal entries to record the events in the general journal. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Purchased materials on account, $480,000. direct labor cost of $2,500,00 direct labor costs. For the year, it estimated construction overhead of $1,000,000 and total (Click the icon to vollowing events occurred during August: Read the requirements. Requirement 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Unique Construction? What costs must gross profit cover for Unique Construction? The gross profit must cover these types of costs: f. Allocated overhead to jobs. g. Houses completed: 402,404 Requirement 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account. Requirement 5. Add the costs of the completed house that has not yet been sold, and show that this equals the ending balance in Finished Goods Inventory. h. House sold on account: 404 for $250,000 Begin by recording the revenue from the sale on account. Do not record the expense related to the sale in this jouma entry. We will do that in the next step. Now record the cost of goods sold from the sale of house 404. More info a. Purchased materials on tccount, $480,000 b. Requisitioned direct materials and used direct labor in construction. Rocorded the materials requisitioned c. The company incurred total wages of $300,000, Use the data from Item b to assign the wages. Wages are not yet paid. d. Depreciation of construction equipment, $6,300 e. Other overhead costs incurred: Equipment rentals paid in cash, $30,000; Worker liability insurance expired, $9,000. f. Allocated overhead to jobs. 9. Houses completed: 402,404 h. House sold on account 404 for $250,000 overnead oased on estimated direct labor costs. For the year, it estimated construction overhead of $1,000,000 and total direct labor cost of $2,500,000. The following events occurred during August: (Click the icon to view the events.) Read the requirements. Requirement 5. Add the costs of the completed house that has not yet been sold, and show that this equals the ending balance in Finished Goods Inventory. Requirement 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Unique Construction? Unique Construction, Inc. is a home builder in Arizona. Unique uses a job order costing system in which each house is a job. Because it constructs houses, the company uses an account titled Construction Overhead. The company applies overhead based on estimated direct labor costs. For the year, it estimated construction overhead of $1,000,000 and total direct labor cost of $2,500,000. The following events occurred during August: (Click the icon to view the events.) Read the requirements. Requirement 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the appropriate entries to these accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. Click to view the journal entries you prepared above. Requirement 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account. Unique Construction, Inc. Reconciliation of Work-in-Process Inventory Subsidiary overhead based on estimated direct labor costs. For the year, it estimated constrion Overhead. The company applies direct labor cost of $2,500,000. The following events occurred during Aut construction overhead of $1,000,000 and total i. (Click the icon to view the events.) Read the requirements. b. Requisitioned direct materials and used direct labor in construction. Record the matarialo. c. The company incurred total wages of $300,000. Use the data from Item b to assign the wages. (Assume the wages have not been paid.) d. Depreciation of construction equipment, $6,300 e. Other overhead costs incurred: Equipment rentals paid in cash, $30,000; Worker liability insurance expired, $ (Prepare a single journal entry for this event.) job. Because it con, Inc. is a home builder in Arizona. Unique uses a job order costing system in which each house is a overhead based onsinucts houses, the company uses an account titled Construction Overhead. The company applies direct labor cost of $2,500,000. (Click the icon to view the events.) Read the requirements. What costs must gross profit ver for Unique Construction? The gross profit must cover these types of costs: Requirements 1. Calculate Uniquo's predetermined overhead allocation rate for the year. 2. Prepare joumal entries to record the events in the general journal. 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the appropriate entries to these accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account. 5. Add the costs of the completed house that has not yet been sold, and show that this equals the ending balance in Finished Goods Inventory. 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Unique Construction? Unique Construction, Inc. is a home builder in Arizona. Unique uses a job order costing system in which each house is a job. Because it constructs houses, the company uses an account titied Construction Overhead. The company applies overhead based on estimated direct labor costs. For the year, it estimated construction overhead of $1,000,000 and total direct labor cost of $2,500,000. The following events occurred during August: (Click the icon to view the events.) Read the requirements. Requirement 1. Calculate Unique's predetermined overhead allocation rate for the year. Requirement 2. Prepare journal entries to record the events in the general journal. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Purchased materials on account, $480,000 Step by Step Solution
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