Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Show Attempt History Current Attempt in Progress Bramble Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Show Attempt History Current Attempt in Progress Bramble 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 Bramble Inc. contains the following data. Raw Materials Inventory $4,200 Manufacturing Overhead Applied $30,300 Work in Process Inventory $5,450 Manufacturing Overhead Incurred $30,200 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 $600 $900 $800 Direct labor 400 500 500 Manufacturing overhead 500 625 625 $1,500 $2,025 $1.925 During June, raw materials purchased on account were $4,800, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June shows the following During June, raw materials purchased on account were $4,800, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $1.000 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June shows the following Time Tickets $1,000 900 300 Customer Job Materials Requisition Slips Rodgers $700 Koss 1,800 Stevens 600 Linton 1,400 Rodgers 300 4,800 General use 1,400 $6,200 1,200 400 3,800 1.100 $4,900 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 $20,700. Each customer paid in full. (a - Your answer is partially correct. No. Account Titles and Explanation (1) Raw Materials Inventory Debit Credit Accounts Payable (To record purchase of raw materials) Factory Labor Cash (To record factory labor costs paid) Manufacturing Overhead 1400 Accounts Payable 800 Accumulated Depreciation-Equipment (To record manufacturing overhead costs incurred) 500 (2) Work in Process Inventory 4800 Manufacturing Overhead 1400 Raw Materials Inventory 6200 (To record assignment of direct materials) Work in Process Inventory Manufacturing Overhead Factory Labor dud LUB Verdu Factory Labor (To record assignment of factory labor) Work in Process Inventory Manufacturing Overhead (To record assignment of manufacturing overhead) Finished Goods Inventory (3) Work in Process Inventory (To record completion of jobs) Cash Sales Revenue (To record sale of goods) Cost of Goods Sold Finished Goods Inventory (To record the cost of goods sold) e Textbook and Media List of Accounts

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

Agile Auditing Transforming The Internal Audit Process

Authors: Rick A. Wright Jr. CIA

1st Edition

1634540689, 978-1634540681

More Books

Students also viewed these Accounting questions