Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your answer is partially correct Post the entries to Work in Process Inventory. (Post the entries to Work In Process Inventory in the order presented

image text in transcribed
image text in transcribed
Your answer is partially 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 Balance 5450 June Completed Work 5450 Direct Materials 5200 Direct Labor 3400 Overhead Applied V 4250 > Balance 18300 eTextbook and Media List of Accounts Attempts: 3 of 3 used (c) Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. Costs of unfinished Job: Direct Materials $ + Direct Labor $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (d) The parts of this question must be completed in order. This part will be available when you complete the part above, Cullumber 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 Cullumber Inc. contains the following data. Raw Materials Inventory $4,500 Manufacturing Overhead Applied $30,100 Work in Process Inventory $5,450 Manufacturing Overhead Incurred $34,300 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 $700 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1,375 $1,825 $900 600 750 $2,250 During June, raw materials purchased on account were $5.200, and 54,800 of factory wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscellaneous costs of $500 incurred on account. A summary of materials requisition stips and time tickets for June shows the following. Customer Job Time Tickets Materials Requisition Slips $700 Rodgers $800 Koss 2,200 800 Stevens 600 400 Linton 1400 1,000 Rodgers 300 400 5.200 3,400 General use 1,300 1,400 $6,500 $4,800 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 $19.200. Each customer paid in full at the time of sale

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

12th edition

1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056

More Books

Students also viewed these Accounting questions

Question

When and how will strategy reviews take place?

Answered: 1 week ago

Question

Do you know how you will monitor progress?

Answered: 1 week ago