Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 15-03A (Part Level Submission) Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber,

Problem 15-03A (Part Level Submission)

Case 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 Case Inc. contains the following data.

Raw Materials Inventory$3,800Manufacturing Overhead Applied$34,900Work in Process Inventory$5,775Manufacturing Overhead Incurred$30,800

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$700$700$1,000Direct labor300600600Manufacturing overhead375750750$1,375$2,050$2,350

During June, raw materials purchased on account were $5,100, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $900and miscellaneous costs of $400incurred on account.

A summary of materials requisition slips and time tickets for June shows the following.

Customer Job

Materials Requisition Slips

Time Tickets

Rodgers$700$900Koss2,200800Stevens500300Linton1,4001,200Rodgers3003005,1003,500General use1,6001,200$6,700$4,700

Overhead was charged to jobs at the same rate of $1.25per dollar of direct labor cost. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $20,600. Each customer paid in full.

(a)

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)

(To record purchase of raw materials)

(To record factory labor costs paid)

(To record manufacturing overhead costs incurred)(2)

(To record assignment of direct materials)

(To record assignment of factory labor)

(To record assignment of manufacturing overhead)(3)

(To record completion of jobs)

(To record sale of goods)

(To record the cost of goods sold)

Click if you would like to Show Work for this question:Open Show Work

has B,C,D level submissions that don't open until I submit level A which is what I copied above.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Governmental And Nonprofit Accounting Theory And Practice

Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,

9th Edition

0132552728, 9780132552721

More Books

Students also viewed these Accounting questions

Question

=+6 Why is there no term for Q4?

Answered: 1 week ago

Question

2. Ask questions, listen rather than attempt to persuade.

Answered: 1 week ago