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Will upvote if correct. Thank you. Read the More info Requirement 1. Record the events in the general journal. (Record debits first, then credits. Exclude
Will upvote if correct. Thank you.
Read the More info Requirement 1. Record the events in the general journal. (Record debits first, then credits. Exclude expl Start with the entry from event (a). Purchased materials on account, $420,000. (b) Incurred total manufacturing wages of $112,000, which included both direct labor and indirect labor. (c) Requisitioned direct materials in manufacturing. (d) Depreciation of manufacturing equipment used on different chalets, $6,800. a. Purchased materials on account, $420,000. b. Incurred total manufacturing wages of $112,000, which included both direct labor and indirect labor. Used direct labor in manufacturing as follows: d. Depreciation of manufacturing equipment used on different chalets, $6,800. e. Other overhead costs incurred on Chalets 13-16: 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 $96,000 and 16 for $146,000. 1. Record the preceding events in the general journal. 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. 3. Summarize the job costs of the unfinished chalet and show that this equals the ending balance in Work in Process Inventory. 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. 5. Compute the gross profit on each chalet that was sold. What costs must the gross profit cover for Sunrise Homes? (e) Other overhead costs incurred on Chalets 13-16. 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 in Process Inventory account. 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 Finis Requirement 5 . Compute the gross profit on each chalet that was sold. What costs must the gross profit cover for Sunrise Homes? Begin by determining which costs must be included to compute gross profit for Sunrise Homes. The gross profit must cover these types of costs: (Complete all input fields.) Now compute the gross profit for each chalet soldStep by Step Solution
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