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Question 1 of 1 View Policies Show Attempt History Current Attempt in Progress 1.25/5 Ivanhoe Inc. is a construction company specializing in custom patios.
Question 1 of 1 View Policies Show Attempt History Current Attempt in Progress 1.25/5 Ivanhoe Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On June 1, 2022, the general ledger for Ivanhoe Inc. contains the following data Raw Materials Inventory $4,600 Work in Process Inventory $5,425 Manufacturing Overhead Applied Manufacturing Overhead Incurred $35,000 $29,800 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 $700 $900 $900 Direct labor 300 $500 500 Manufacturing overhead 375 625 625 $1.375 $2,025 $2,025 During June, raw materials purchased on account were $5,000, and $5.100 of factory wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscellaneous costs of $500 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 General use $700 $800 1,900 900 600 400 1,400 1,400 400 500 5.000 4,000 1500 1,100 $6.500 $5.100 Overhead was assigned to jobs at the same rate of $1.25 per dollar of direct labor cost throughout the year. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $20,200. Each customer paid in full at the time of sale
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