Question 3 Concord 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 Concord Inc. contains the following data. Raw Materials Inventory Work in Process Inventory $4,000 $5,125 Manufacturing Overhead Applied Manufacturing Overhead Incurred $33,600 $32,200 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Rodgers Stevens Linton Cost Element Direct materials Direct labor Manufacturing overhead $500 300 375 $1,175 $800 500 625 $1,925 $900 500 625 $2,025 During June, raw materials purchased on account were $5,200, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $800 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer Job Time Tickets Rodgers Koss Stevens Linton Rodgers Materials Requisition Slips $800 2,200 500 1,400 300 5,200 1,600 $6,800 $700 700 400 1,400 400 General use 3,600 1,000 $4,600 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 $17,000. Each customer paid in full. completon arcbs and sale of goods. (Credit account dies are automatically indented whers announ Journalize the une transaction (1) for purchase of raw material, factory labor costs incurred, and manufacturing overhead cocts incurred; 2) acognment of direct materials, labor, and overhed to production and is entered. Do not indent morally No. A l man Explanation (1) Raw Materiais Inventory A n evable (To record purchase of raw materiais Factory Labor (To record factory labor costs porc Manufacturing Overhead Accumulates Depreciation foment UUUU Cand manufacturing c) Twok In Process Inventory Manufacturing Overhead Tow Halle 11 kH) BIO (To record assignment of Cirect materials) Work in Process Inventory Hanufacture Owl Factory Labor To record soment of factory labor) Twork in process Inventory 4,500 T Manufacturng Overheid To record a nt of manufacturing overhead riched Goods Inventory 312C 1 5173 Twy To T Salas Revenue (To record of God) Cost of Goods sold ST I finished Cadenetary JC .125 To record the nat good old Your answer is partially correct. Try again. Post the entries to Work in Process Inventory. (Post the entries to Work in Process Inventory in the order presented in the problem.) Work in Process Inventory 6/1 Balance T 5,125 June Completed Work IT 5,125 TDirect Materials 5,200 Direct Labor IT 4,600 Toverhead Applied 500 6/30 Balance 3,800 SHOW LIST OF ACCOUNTS x Your answer is incorrect. Try again. Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. OOOOO Costs of unfinished Job: Direct Materials s + Direct Labor su J + Manufacturing Overheads SHOW LIST OF ACCOUNTS Your answer is partially correct. Try again. Prepare a cost of goods manufactured schedule for June. CONCORD INC. Cost of Goods Manufactured Schedule For the Month Ended June 30, 2020 TWork in Process, June 1 5,125 Direct Materials Used 5,200 Direct Labor 4,600 Manufacturing Overhead Applied 4,500 | Total Manufacturing Costs 13,000 Total Cost of Work in Process ess Work in Process, June 30 Cost of Goods Manufactured | 5,125 Click if you would like to Show Work for this question: Open Show Work
