Question: Answer all red and provide solutions Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and






Answer all red and provide solutions
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, 2020, the general ledger for Case Inc. contains the following data. Raw Materials Inventory $4,100 Manufacturing Overhead Applied $34,600 Work in Process Inventory $5,900 Manufacturing Overhead Incurred $29,300 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 $600 $900 $800 Direct labor 400 600 600 Manufacturing overhead 500 750 750 $1,500 $2,250 $2,150 During June, raw materials purchased on account were $5,200, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscellaneous costs of $400 incurred on account. Content mary of materials requisition slips and time tickets for June shows the following. Customer Job Materials Requisition Slips Time Tickets Rodgers $800 $800 Koss 2,200 800 Stevens 600 400 Linton 1,400 1,100 Rodgers 200 400 5,200 3,500 General use 1,600 1,100 $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 $18,700. Each customer paid in full. Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing o costs incurred; (2) assignment of direct materials, labor, and overhead to production; and (3) completion of jobs and s goods. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation (1) Raw Materials Inventory 5200 5200 Accounts Payable (To record purchase of raw materials) Factory Labor 4600 Cash 4600 (To record factory labor costs paid) Manufacturing Overhead 13000 Accounts Payable 900 Accumulated Depreciation-Buildings 400 (To record manufacturing overhead costs incurred) (2) Work in Process Inventory 5200 Manufacturing Overhead 1600 Raw Materials Inventory 6800 (To record assignment of direct materials) (2) Work in Process Inventory 5200 Manufacturing Overhead 1600 6800 Raw Materials Inventory (To record assignment of direct materials) Work in Process Inventory 3500 Manufacturing Overhead 1100 4600 Factory Labor (To record assignment of factory labor) Work in Process Inventory 4375 1100 Manufacturing Overhead (To record assignment of manufacturing overhead) (3) Finished Goods Inventory Work in Process Inventory (To record completion of jobs) Cash 18700 Sales 18700 (To record sale of goods) Cost of Goods Sold Finished Goods Inventory 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 5900 June Direct Materials 5200 Direct Labor 3500 Overhead Applied 6/30 Balance Prepare a cost of goods manufactured schedule for June. CASE INC. Cost of Goods Manufactured Schedule For the Month Ended June 30, 2020 Work in Process, June 1 $ 5900 Direct Materials Used LA 5200 Direct Materials Used 3500 Manufacturing Overhead Applied Total Manufacturing Costs 14000 Less Work in Process, June 30 4200 Cost of Goods Manufactured $
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
