View Policies Current Attempt in Progress Ivanhoe 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 Ivanhoe 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. Linton Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $500 $800 Direct labor 300 500 Manufacturing overhead 375 625 $1.175 $1,925 $900 500 625 $2,025 Question 5 of 7 -/15 Direct labor Manufacturing overhead 500 300 375 $1,175 500 625 625 $1,925 $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 Materials Requisition Slips Time Tickets Rodgers $800 $700 Koss 2.200 700 Stevens 500 400 Linton 1,400 1,400 Rodgers 300 400 5.200 3,600 General use 1,600 1,000 $6,800 $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. Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead Question 5 of 7 - / 15 (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 (1) Raw Materials Inventory Debit Credit 5200 Accounts Payable (To record purchase of raw materials) 5200 Factory Labor 5200 Cash 5200 1600 1000 600 (To record factory labor costs paid) Manufacturing Overhead Accumulated Depreciation-Buildings Accounts Payable (To record manufacturing overhead costs incurred) Work in Process Inventory Manufacturing Overhead Raw Materials inventory (To record assignment of direct materials) (2) 5200 1600 6800 -/15 III Raw Materials inventory DO (To record assignment of direct materials) Work in Process Inventory 4200 Manufacturing Overhead 1000 5200 Factory Wages Payable (To record assignment of factory labor) Work in Process Inventory Manufacturing Overhead (To record assignment of manufacturing overhead) (3) Finished Goods Inventory Work in Process Inventory (To record completion of jobs) Accounts Receivable Sales Revenue (To record sale of goods) Cost of Goods Sold Finished Goods Inventory (To record the cost of goods sold) eTextbook and Media
