Problem 20-03A a-d (Video) Pharoah 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 Pharoah Inc. contains the following data. Raw Materials Inventory Work in Process Inventory $3,900 Manufacturing Overhead Applied $5,675 Manufacturing Overhead Incurred $30,700 $32,000 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton $500 Direct materials Direct labor Manufacturing overhead $800 500 625 $1,000 600 400 500 750 $2,350 $1,400 $1,925 During June, raw materials purchased on account were $5,000, 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 Materials Requisition Slips Time Tickets Rodgers Koss Stevens Linton Rodgers $900 1,800 600 1,400 300 $900 800 400 1,300 400 3,800 1,200 $5,000 General use 5,000 1,400 $6,400 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 $20,800. 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 5000 Accounts Payable 5000 (To record purchase of raw materials) Factory Labor 5000 Cash 5000 (To record factory labor costs paid) Manufacturing Overhead 1400 Accounts Payable 400 1000 Accumulated Depreciation Equipment (To record manufacturing overhead costs incurred) (2) Work in Process Inventory Manufacturing Overhead Raw Materials Inventory (To record assignment of direct materials) Work in Process Inventory Manufacturing Overhead Factory Labor (To record assignment of factory labor) Work in Process Inventory Manufacturing Overhead (To record assignment of manufacturing overhead) (3) Finished Goods Inventory Work in Process Inventory (To record completion of jobs) Cash Sales Revenue (To record sale of goods) Cost of Goods Sold Finished Goods Inventory (To record the cost of goods sold) LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a cost of goods manufactured schedule for June. PHAROAH INC. Cost of Goods Manufactured Schedule For the Month Ended June 30, 2020 Work in Process, June 1 $ Direct Materials Used $ Direct Labor Manufacturing Overhead Applied Total Manufacturing Costs Total Cost of Work in Process Less. Work in Process, June 30 Cost of Goods Manufactured Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR