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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 $3,800 Manufacturing Overhead Applied Work in Process Inventory $5,775 Manufacturing Overhead Incurred Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Cost Element Direct materials Direct labor Manufacturing overhead Customer Job BI Rodgers Stevens $700 300 375 Linton $700 $1,000 600 750 $1,375 $2,050 600 750 $2,350 $34,900 $30,800 During June, raw materials purchased on account were $5,100, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscellaneous costs of $400 incurred on account. sara pitch MOV 2.575 During June, raw materials purchased on account were $5,100, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $900 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 Rodgers $700 Koss 2,200 500 1,400 300 5,100 1,600 $6,700 Stevens Linton Rodgers O General use E Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Rodgers, Steven and Linton were completed during June and sold for a total of $20,600. Each customer paid in full. sara pitch.MOV Canceled O ND G C Time Tickets $900 800 300 a 1,200 300 3.500 1,200 $4,700 13 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.) (c) 40 Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. Costs of unfinished Job: List of Accounts sara pitch MOV Canceled BUVO P R CA % 5 C ND 144 6 Direct Materials $ 3¹ ►/11 ∞ 7 CO ( 13 T Y U * 8 9 100 O + Direct Labor S 0 ANG P Dys INS 1 DEL BACK SPACE E HOME 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 $3,800 Manufacturing Overhead Applied Work in Process Inventory $5,775 Manufacturing Overhead Incurred Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Cost Element Direct materials Direct labor Manufacturing overhead Customer Job BI Rodgers Stevens $700 300 375 Linton $700 $1,000 600 750 $1,375 $2,050 600 750 $2,350 $34,900 $30,800 During June, raw materials purchased on account were $5,100, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscellaneous costs of $400 incurred on account. sara pitch MOV 2.575 During June, raw materials purchased on account were $5,100, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $900 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 Rodgers $700 Koss 2,200 500 1,400 300 5,100 1,600 $6,700 Stevens Linton Rodgers O General use E Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Rodgers, Steven and Linton were completed during June and sold for a total of $20,600. Each customer paid in full. sara pitch.MOV Canceled O ND G C Time Tickets $900 800 300 a 1,200 300 3.500 1,200 $4,700 13 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.) (c) 40 Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. Costs of unfinished Job: List of Accounts sara pitch MOV Canceled BUVO P R CA % 5 C ND 144 6 Direct Materials $ 3¹ ►/11 ∞ 7 CO ( 13 T Y U * 8 9 100 O + Direct Labor S 0 ANG P Dys INS 1 DEL BACK SPACE E HOME
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1 Journal Entries No Account Titles and Explanation Debit Credit 1 Raw Materials Inventory 5100 Account Payable 5100 To record purchase of raw materia... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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