Wildhorse Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On June 1, 2022, the general ledger for Wildhorse Inc. contains the following data. Raw Materials Inventory $ 4,400 Manufacturing Overhead Applied $34.100 Work in Process Inventory $5,550 Manufacturing Overhead Incurred $34.300 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 $ 500 $ 900 $1,000 Direct labor 200 500 700 Manufacturing overhead 250 625 875 $ 950 $ 2,025 $ 2,575 During June, raw materials purchased on account were $ 5,100, and $ 4,700 of factory 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 $ 700 $ 700 Koss 2.100 700 Stevens 500 400 Linton 1,400 1,300 Rodgers 400 400 5,100 3,500 General use 1,300 1,200 $6,400 $4,700 Overhead was assigned to jobs at the same rate of $ 1.25 per dollar of direct labor cost throughout the year. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $ 20,800. Each customer paid in full at the time of sale. Journalize the June transactions: (1) 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Raw Materials Inventory 5100 Accounts Payable 5100 (To record purchase of raw materials) Factory Labor 4700 Cash 4700 (To record factory labor costs paid) Manufacturing Overhead 1200 Accumulated Depreciation Equipment 800 Accounts Payable 400 (To record manufacturing overhead costs incurred) (2) Work in Process Inventory 5100 Manufacturing Overhead 1300 Raw Materials Inventory 6400 (To record assignment of direct materials) Work in Process Inventory 3500 Manufacturing Overhead 1200 Factory Labor 4700 (To record assignment of factory labor) Work in Process Inventory 4375 Manufacturing Overhead 4375 (To record assignment of manufacturing overhead) (3) Finished Goods Inventory 14850 Work in Process Inventory 14850 (To record completion of jobs) Cash 20800 Sales Revenue 20800 (To record sale of goods) Cost of Goods Sold 14850 Finished Goods Inventory 14850 (To record the cost of goods sold) e Textbook and Media List of Accounts Attempts: 2 of 3 used (b) Your answer is correct. 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 5550 June Completed Work 14850 Direct Materials 5100 Direct Labor 3500 Overhead Applied 4375 6/30 Balance 3675 Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. Costs of unfinished Job: Direct Materials $ + Direct Labor $
