Problem 20-03A a-d (Video) 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 $4,000 Manufacturing Overhead Applied Work in Process Inventory $5,125 Manufacturing Overhead Incurred Subsidiary data for Work in Process Inventory on June 1 are as follows. $32,400 $32,200 Linton Cost Element Direct materials Direct labor Manufacturing overhead Job Cost Sheets Customer Job Rodgers Stevens $600 $700 300 500 375 625 $1,275 $1,825 $900 500 625 $2,025 During June, raw materials purchased on account were $5,100, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer Job Rodgers Koss Stevens Linton Rodgers Materials Requisition Slips $800 2,100 600 1,300 300 5,100 1,600 $6,700 Time Tickets $900 900 300 1,100 400 3,600 1,100 $4,700 General use 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 $18,900. 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 5100 5100 Accounts Payable (To record purchase of raw materials) Factory Labor 4400 Cash 4400 (To record factory labor costs paid) Manufacturing Overhead 1300 Accumulated Depreciation-Equipment 1000 300 Accounts Payable (To record manufacturing overhead costs incurred) (2) Work in Process Inventory 5100 Manufacturing Overhead 1600 6700 Raw Materials Inventory (To record assignment of direct materials) Work in Process Inventory 3600 Manufacturing Overhead 1100 Factory Labor 4700 (To record assignment of factory labor) Work in Process Inventory 4700 4700 Manufacturing Overhead (To record assignment of manufacturing overhead) (3) Finished Goods Inventory Work in Process Inventory (To record completion of jobs) Accounts Receivable 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 LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT 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 6/1 Balance 5725 June Completed Work Direct Materials 5100 Direct Labor 3600 Overhead Applied 4700 6/30 Balance SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. Costs of unfinished Job: Direct Materials $ + Direct Labor $ + Manufacturing Overhead $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT 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 5125 Direct Materials Used 5100 $ Direct Labor 3600 Manufacturing Overhead Applied 4700 Total Manufacturing Costs V 13400 Total Cost of Work in Process 18525 Less: Work in Process, June 30 Cost Goads Manufactured SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR