Unique Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred during May. i (Click the icon to view the events.) Read the requirements Requirement 1. Record the events in the general journal. (Record debits first, then credits. Exclude explanations from any joumal entries.) Start with the entry from event (a). Purchased materials on account, $410,000. - X More info Journal Entry Accounts Date Debit Credit a a. Purchased materials on account, $410,000 b. Incurred total manufacturing wages of $117,000, which included both direct labor and indirect labor. Used direct labor in manufacturing as follows: Direct Labor Chalet 13. $ 14.600 28,800 (b) Incurred total manufacturing wages of $117,000, which included both direct labor and indirect labor Chalet 14. $ Chalet 15. $ 19,000 Journal Entry Accounts Chalet 16. $ 21,400 Date Debit Credit c. Requisitioned direct materials in manufacturing as follows: b. Direct Materials Chalet 13... $ 41,400 Chalet 14. $ 56,800 Chalet 15. $ 62,500 (c) Requisitioned direct materials in manufacturing. Chalet 16. $ 66,800 d. Depreciation of manufacturing equipment used on different chalets, $6,100. Journal Entry Accounts e. Other overhead costs incurred on Chalets 13-16: Date Debit Credit Equipment rentals paid in cash .......$ Prepaid plant insurance expired...... $ 10,000 6,000 f. Allocated overhead to jobs at the predetermined rate of 60% of direct labor cost. g. Chalets completed: 13, 15, and 16. h. Chalets sold on account: 13 for $98,000 and 16 for $144,000. (d) Depreciation of manufacturing equipment used on different chalets, $6,100 Print Done Journal Entry Accounts Date Debit Credit Unique Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred during May (Click the icon to view the events.) Read the requirements. (d) Depreciation of manufacturing equipment used on different chalets, $6,100. Journal Entry Accounts Date Debit Credit (e) Other overhead costs incurred on Chalets 13-16. Journal Entry Accounts Date Debit Credit (f) Allocated overhead to jobs at the predetermined rate of 60% of direct labor cost. Journal Entry Accounts Date Debit (g) Chalets completed: 13, 15, and 16. Date Debit g. Journal Entry Accounts Credit Credit Unique Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred during May: (Click the icon to view the events.) Read the requirements. (g) Chalets completed: 13, 15, and 16. Journal Entry Accounts Date Debit Credit g (h) Chalets sold on account: 13 for $98,000 and 16 for $144,000. First record the sale of the chalets. Journal Entry Accounts Date Debit Credit h. Next, record the cost of goods sold. Journal Entry Accounts Date Debit 4 || Requirement 2. Post the appropriate entries to the T-accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. Identify the ending account balance with the "Bal" reference on the applicable side of the account. Work in Process Inventory Finished Goods Inventory Credit Unique Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred during May (Click the icon to view the events.) Read the requirements. Requirement 2. Post the appropriate entries to the T-accounts, identifying each entry by letter. Determine the ending account balances, assuming that the beginning balances were zero. Identify the ending account balance with the "Bal" reference on the applicable side of the account. Work in Process Inventory Finished Goods Inventory Requirement 3. Summarize the job costs of the unfinished chalet and show that this equals the ending balance in Work in Process Inventory. Add the costs of the unfinished chalet, and show that this total amount equals the ending balance in the Work Process Inventory account. Unique Homes Reconciliation of Work in Process Inventory Subsidiary and Control Accounts Direct materials Direct labor Manufacturing overhead (60% of labor) Total cost equals Work in Process balance Requirement 4. Summarize the job cost of the completed chalet that has not yet been sold and show that this equals the ending balance in Finished Goods Inventory. Unique Homes Reconciliation of Finished Goods Inventory Subsidiary and Control Accounts Unfinished chalet: Completed, unsold chalet: Direct materials Direct labor I Unique Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred during May (Click the icon to view the events.) Read the requirements. Requirement 4. Summarize the job cost of the completed chalet that has not yet been sold and show that this equals the ending balance in Finished Goods Inventory. Unique Homes Reconciliation of Finished Goods Inventory Subsidiary and Control Accounts Completed, unsold chalet: Direct materials Direct labor Manufacturing overhead (60% of labor) Total cost equals Finished Goods balance Requirement 5. Compute the gross profit on each chalet that was sold. What costs must the gross profit cover for Unique Homes? Begin by determining which costs must be included to compute gross profit for Unique Homes. The gross profit must cover these types of costs: (Complete all input fields.) Now compute the gross profit for each chalet sold. Unique Homes Gross Profit on Chalets Sold In May Less: Gross profit