What is the correct finished goods inventory and cost of goods sold when the jobs are completed?
Case 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, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 4,494 Manufacturing Overhead Applied $34,925 Work in Process Inventory $5,928 Manufacturing Overhead Incurred $33,866 Subsidiary data for Work in Process Inventory on June 1 are as follows. ob Cost Sheets Customer Job Cost Element Direct materials Direct labor Rodgers Stevens Linton $642 $856 $963 578 621 Manufacturing overhead 428 722 776 $1,412 $2,156 $2,360 342 During June, raw materials purchased on account were $5,243, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $963 and miscellaneous costs of $428 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer Job Rodgers Koss Stevens Linton Rodgers Materials Requisition Slips $856 2,140 535 1,391 321 5,243 1,605 6,848 Time Tickets $ 910 856 385 1,284 417 3,852 1,284 $5,136 General use 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 $20,223. Each customer paid in full. 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 Round answers to 0 decimal places, eg. 2,500) No. Account Titles and Explanation ( Raw Materials Inventory Debit Credit 5,243 5,243 Accounts Payable (To record purchase of raw materials) Factory Labor 5,136 Cash 5,136 To record factory labor costs pald) Manufacturing Overhead 1,391 Accumulated Depreclation-Equipment 963 Accounts Payable 428 (To record manufacturing overhead costs incurred) (2) Work in Process Inventory Manufacturing Overhead Raw Materials Inventory 5,243 1,605 6,848 To record assignment of direct materials) Work in Process Inventory 3,852 Manufacturing Overhead 1,284 Factory Labor 5,136 (To record assignment of factory labor) Work in Process Inventory 4,815 4,815 (To record assignment of manufacturing overhead) (3) Finished Goods Inventory 15,660 Work in Process Inventory 15,660 (To record completion of jobs) Cash 20,223 Sales Revenue 20,223 (To record sale of goods) Cost of Goods Sold 15,660 Finished Goods Inventory 15,660 To record the cost of goods sold)
