Problem2. Prepare entries for a job order cost system and cost of goods manuwactured schedule Case Inc is a construction company specializing in custom patios. The patios are constructed of conciele, 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 S4 200 Manufacturing Overhead Applied Work in Process invertory $5,540 Manufacturing Overhead incurred Subsidiary data for Work in Process Inventory on June 1 are as follows == Linton Cost Element Direct materials Direct labor Manufacturing overhead Job Cost Sheets Customer Job Rodgers Stevens $600 $800 320 540 400 675 S1320 S2015 $900 580 725 $2,205 500 During June, raw materials purchased on account were S4 900, and all 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 sps and time tickets for June show the following Matenals Requisition Customer Job Slips Time tickets Rodgers $800 $850 Koss 2.000 300 Stevens 360 Linton 1.300 1.200 Rodgers 300 390 4,900 3.600 General use 1,500 1200 56.400 S4,800 Overhead was charged to jobs at the same rate of $125 per dollar of direct labar cost. The patios for customers Rodgers, Stevens, and Linton were completed during Juno and sold for a total of 518,900 Each customer paid in full Instructions (a) Journaize 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. (b) Post the entries to Work in Process Inventory (C) Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". (a)(1) Journalize the June transactions for purchase of taw materials, factory labor costs incurred, and manufacturing overhead costs incurred Account Value Account Value Account Value Account Value Account Account Account Value (a)(2) Journalizo the Junie transactions for assignment of direct materials, labor, and overhead to production Account Account Value Value Account Volus Account Account Value VA Account Valur Account VALE Account Value (a)(3) Journalzo the June transactions for completion of jobs and sale of goods Arcount Valur Account Vale Account Value Account VA Account Account Value VA (b) Post the entries to Work in Process Inventory 6/1 Balance Direct Materials Direct labor Overhead applied Work in Process inventory Valur June Completed work Value Value Value 8/30 Balance 7 (c) Openjob cost sheets for Rodgers enter the January 1 balances and post related costs to the ob cos sheet Total Cosis Explananion Balance 6/1 June's costs Direct Materials Value Value 7 Direct Labor Value Value 7 Manufacturing Overhead Value Value 7 Vue Value 7
