Quaint Construction, Inc. is a home builder in Arizona. Quaint uses a job costing system in which each house is a job. Because it constucts houses, the company uses an account titled Construction Overhead. The company applies overhead bases on estimated direct labor costs. For the year, it is estimated construction overhead of $1,350,000 and total direct labor cost of $3,375,000. The following events occured during August

Requirement 3. T-accounts for Work-in-Process Inventory have been opened for you. Post the appropriate entries to these accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero.

Connect with the cow.com Cheb PM Read the requirements Requirement 2. Prepare journal entries to record the events in the general journal (Record debits first the credits Exclude explanations from any journal entres) a. Purchased matonals on account, $400,000 Date Accounts Debit Credit a. b. Requisitioned direct materials and used direct labor in construction Record the materials requisitioned. Date Accounts Debit Credit b. c. The company incurred total wages of $240.000. Use the data from emb total the wagen (Assume the wages have not been paid) Read the requirements c. The company incurred total wages of $240,000. Use the data from Item b to assign the wages. (Assume the wages have not been paid Date Accounts Debit Credit c. d. Depreciation of construction equipment. $6,500 Date Accounts Debit Credit d. e. Other Overhead costs incurred Equipment rentals paid in cash. $37,000, Worker liability insurance expired, $4,000 (Prepare a single journal entry for this event Read the requirements e. Other overhead costs incurred Equipment rentals paid in cash, $37.000, Worker liability insurance expired, 54,000. (Proparo a single journal entry for this event.) Date Accounts Debit Credit e. 1. Allocated overhead to jobs Date Accounts Debit Credit 1 9. Houses completed 402 404 Choose from any list or enter any number in the input fields and then continue to the next question Read the requirements 9. Houses completed. 402 404 Date Accounts Debit Credit h. House sold on account: 404 for $210,000 Begin by recording the revenue from the sale on ncount. Do not record the expenso related to the sale in this journal entry. We will do that in the next stop Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Read the resuirements Now record the cost of goods sold from the sale of house 404. Date Accounts Debit Credit h. Requirement 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the appropriato entries to these Fished in out the corner Quant Construction, Inc. is a home buldor in Anzona Quaint as a job order cost which each house is a job Because it constructs houses, the company uses an account estimated direct labor costs for the year, it estimated construction overed of $100.000 and total direct labor cost of $375,000. The following events occurred during August the icon to view the events Read the reducements Requirement 4. Add the costs of the unitinished house and show that this total amount equals the ending balance in the Work in Process invertory account Quaint Construction, Inc Reconciation of Work in Proos inventory Sutridiary and Control Accounts Total WIP Balance Urfinished houses Direct Materiais Direct Labor Construction Overhead Total cost equals Ending WP Inventory Requirement 5. Add the costs of the completed house that has not yet been sold, and show that this equals the ending balance in Finished Goods Inventory: Quaint Construction, Inc Reconciation of Finished Goods Inventory Subsidiary and Control Accounts Total cost equals trong vir mnventory Requirements. Add the costs of the completed house that has not yet been soid, and show that this equals the ending balance in Finished Goods Inventory Quaint Corstruction, Inc Reconciliation of Finished Goods Inventory Subsidiary and Control Accounts Completed, unsold house, Direct Materials Direct Labor Construction Overhead Total cost equals Ending Finished Goods Inventory Requirement 6. Compute grous profit on the house that was sold What costs must gross profit cover for Quaint Construction? Quaint Construction, Inc Gross profit on Homes Sold in August Choose from any list or enter any number in the input fields and then continue to the next question Read the requirements. Requirement 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Quaint Construction? Quaint Construction, Inc. Gross profit on Homes Sold in August Gross profit What costs must gross profit cover for Quaint Construction? The gross profit must cover these types of costs: Choose from any list or enter any number in the input fields and then continue to the next question a Quaintson a job order costing system in which each house is a job. Because it constructs houses the company uses an account titled Construction Overhead. The ed construction overhead of $1,350.000 and total direct labor cost of $3 375.000. The following events occurred during August More Info uses, and onstruction - Process ntrol Accou a. Purchased materials on account $400,000 b. Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. Direct Materials Direct Labor House 402 $ 59,000 $ 46,000 House 403 63,000 33,000 House 404 61,000 54,000 House 405 80.000 52.000 c. The company incurred total wages of $240.000. Use the data from tomb to assign the wages. Wagos are not yot paid d. Depreciation of construction equipment $6,500 e. Other overhead costs incurred Equipment rentals paid in cash, $37,000, Worker liability insurance expired 4,000 f. Allocated overhead to jobs 9. Houses completed 402, 404 h. House sold on account. 404 for $210.000 use that hal ary Subsidi Print Done input fields and then continue to the next question ses a job order costing system in which each house is a job. Because it constructs houses, the company uses an account titled Cons on overhead of $1,350,000 and total direct labor cost of $3,375,000. The following events occurred during August i Requirements - the general journal 1. Calculate Quaint's predetermined overhead allocation rate for the year. 2. Prepare journal entries to record the events in the general journal. 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the appropriate entries to these accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. 4. Add the costs of the unfinished houses and show that this total amount equals the ending balance in the Work-in-Process Inventory account 5. Add the costs of the completed house that has not yet been sold, and show that this equals the ending balance in Finished Goods Inventory 6. Compute gross profit on the house that was sold. What costs must gross profit cover for Quaint Construction? ruction Record the Print Done Requirement 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for yo beginning balances were zero. Click to view the journal entries you prepared above. Work-in-Process Inventory Finished Goods Inventory Requirement 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance Quaint Construction, Inc Reconciliation of Work-in-Process Inventory Subsidiary and Control Accounts Choose from any list or enter any number in the input fields and then continue to the next