Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

S32.640 $31.650 P20,3A Prepare entrees for a job order cost sitem and cost of goods manufactured sche Case Ind is a construction company specializing in

image text in transcribed
S32.640 $31.650 P20,3A Prepare entrees for a job order cost sitem and cost of goods manufactured sche Case Ind is a construction company specializing in custom patios. The patios are constructed of concret, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the gengral ledger for Case Inc. contains the following data. Raw Materials Inventory $4,200 Manufacturing Overhead Applied Work in Process Inventory $5.540 Manufacturing Overhead Incurred Subsidiary data for Work in Process Inventory on June 1 arc as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton Direct materials S600 5800 $900 Direct labor 320 540 580 Manufacturing overhead 400 675 725 S1,320 S2.015 S2.205 During June, raw materials purchased on account were $4.900, and all wages were paid. Additional overheal costs consisted of depreciation on equipment $900 and miscellaneous costs of S400 incurred on account A suromary of materials requisition slips and time tickets for June show the following Customer Job Time tickets Rodgers Koss Stevens Linton Rodgers Materials Requisition slips 5800 2.000 500 1.300 300 4.900 1.500 S6,400 5850 800 360 1.200 390 3.600 1.200 S4.800 General use Overlead 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 $18.900 Each customer paid in full. Instructions (a) Joumalize the June transactions: (I) 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. Post the entries to Work in Process Inventory Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. (d) Prepare a cost of goods manufactured schedule for June. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" (b) (c)

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 For Non Accounting Students

Authors: John R. Dyson

7th Edition

0273709224, 9780273709220

More Books

Students also viewed these Accounting questions

Question

Draw a schematic diagram of I.C. engines and name the parts.

Answered: 1 week ago