Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 15-3A (Part Level Submission) Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber,

Problem 15-3A (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, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory $4,872 Manufacturing Overhead Applied $37,862 Work in Process Inventory $6,426 Manufacturing Overhead Incurred $36,714 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 $696 $928 $1,044 Direct labor 371 626 673 Manufacturing overhead 464 783 841 $1,531 $2,337 $2,558 During June, raw materials purchased on account were $5,684, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $1,044 and miscellaneous costs of $464 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer Job Materials Requisition Slips Time Tickets Rodgers $928 $986 Koss 2,320 928 Stevens 580 418 Linton 1,508 1,392 Rodgers 348 452 5,684 4,176 General use 1,740 1,392 $7,424 $5,568 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 $21,924. Each customer paid in full. (a) Your answer is correct. 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. Round answers to 0 decimal places, e.g. 2,500.) 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 Show List of Accounts Show Solution Show Answer Link to Text Link to Text Link to Text Attempts: 2 of 3 used (b) Post the entries to Work in Process Inventory. (Round answers to 0 decimal places, e.g. 2,500.) Work in Process Inventory 6/1 June 6/30

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

Step: 3

blur-text-image

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

Auditing And Assurance Services A Systematic Approach

Authors: William F. Messier, Steven M. Glover, Douglas F. Prawitt

4th Edition

0071117474, 9780071117470

More Books

Students also viewed these Accounting questions

Question

A piston/cylinder contains 50 kg of water

Answered: 1 week ago