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Prepare a cost of goods manufactured schedule for June Prepare a cost of goods manufactured schedule for June. Reconcile the balance in Work in Process
Prepare a cost of goods manufactured schedule for June
Prepare a cost of goods manufactured schedule for June. Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. Jirect Labor $ + Manufacturing Overhead \$ =$ Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. Costs of unfinished Job: Direct Materials $ + Diret Labor $ eTextbook and Media List of Accounts Attempts: 1 of 3 used ost the entries to Work in Process Inventory. (Post the entries to Work in Process Inventory in the order presented in the roblem.) eTextbook and Media List of Accounts Attempts: 1 of 3 used Workin Process inventory. Manufacturing Overhead Factory Labor (To record assignment of factory labor) Work in Process livientory Manulacturing Overhead (To record assignment of manufacturing overhead) (3) Finished Goods Inventory Workin Process Inventory (To record completion of jobs) (To record sale of goods) Cost of Goods Sold Finshed Godds Irventory No. Account Titles and Explanation (1) Raw Materiaks inventory Accounts Payable (To record purchase of raw materials) Factory Labor (To record factory labor costs paid) Manufacturing Overhead Accumulated Depreciation-Equipment Accounts Payabie (To record manufacturing overhead costs incurred) (2) Work in Process inventory Raw Materials imentory During June, raw materials purchased on account were $5,100, and $5,100 of factory wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Overhead was assigned 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 $18,900. Each customer paid in full at the time of sale. Sheridan inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On June 1, 2022, the general ledger for Sheridan Inc, contains the following data. Subsidiary data for Work in Process Inventory on June 1 are as follows. During June, raw materials purchased on account were $5,100, and $5,100 of factory wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscellaneous costs of $400 incurred on account Step by Step Solution
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