Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 5 Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer

image text in transcribedimage text in transcribedimage text in transcribed

Question 5 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 $4,600 Manufacturing Overhead Applied $35,000 Work in Process Inventory $5,425 Manufacturing Overhead Incurred $29,800 Subsidiary data for Work in Process Inventory on June 1 are as follows. Cost Element Direct materials Direct labor Manufacturing overhead Job Cost Sheets Customer Job Rodgers Stevens $700 $900 300 500 375 625 $1,375 $2,025 Linton $900 500 625 $2,025 During June, raw materials purchased on account were $5,000, 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 Time Tickets Rodgers Koss Stevens Materials Requisition Slips $700 1,900 600 1,400 $800 900 400 Linton 1,400 Linton Rodgers 1,400 400 5,000 1,500 $6,500 1,400 500 4,000 1,100 $5,100 General use 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 $20,200. Each customer paid in full. (a 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) (To record purchase of raw materials) (To record factory labor costs paid) (To record assignment of factory labor) (To record assignment of manufacturing overhead) (3) (To record completion of jobs) (To record sale of goods) (To record the cost of goods sold) By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions