Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 of 4 4.37/25 Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question 2 of 4 4.37/25 Case 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 Case Inc. contains the following data. Raw Materials inventory $4,500 Manufacturing Overhead Applied $30,100 Work in Process Inventory $5,450 Manufacturing Overhead Incurred $34,300 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $700 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1,375 $1,825 Linton $900 600 750 $2.250 During June, raw materials purchased on account were $5,200, and all 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 Question 2 of 4 4.37/25 E During June, raw materials purchased on account were $5,200, and all 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 $700 $800 Koss 2.200 800 Stevens 600 400 Linton 1.400 1.000 Rodgers 300 400 5,200 3,400 General use 1.300 1.400 $6,500 $4,800 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 $19,200. Each customer paid in full. (a) Question 2 of 4 4.37/25 E During June, raw materials purchased on account were $5,200, and all 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 $700 $800 Koss 2.200 800 Stevens 600 400 Linton 1.400 1.000 Rodgers 300 400 5,200 3,400 General use 1.300 1.400 $6,500 $4,800 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 $19,200. Each customer paid in full. (a) Question 2 of 4 4.37/25 E (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) Finished Goods leventory (3) Work in Process inventory (To record completion of jobs) Cash Sales Revenue {To record sale of goods) Cost of Goods Sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Marshall B Romney, Paul J. Steinbart, Scott L. Summers, David A. Wood

15th Edition

0135572835, 9780135572832

More Books

Students also viewed these Accounting questions