Question: Problem 16-3A Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer

 Problem 16-3A 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, 2017, the general ledger for Case

Inc. contains the following data. Raw Materials Inventory 5,124 Manufacturing Overhead Applied

39,821 Work in Process Inventory6,760 Manufacturing Overhead Incurred 38,613 Subsidiary data for

Work in Process Inventory on June 1 are as follows Cost Sh

Problem 16-3A 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, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 5,124 Manufacturing Overhead Applied 39,821 Work in Process Inventory6,760 Manufacturing Overhead Incurred 38,613 Subsidiary data for Work in Process Inventory on June 1 are as follows Cost Sh Direct materials Direct labor S 732 390 488 976 1,098 708 885 659 824 Dur June, raw materials purchased on account were5.978 and all ages were paid. Additional overhead costs consisted or depreciation on equipment 1,098 and miscellaneous costs or s 488 incurred on account A summary of materials requisition slips and time tickets for June shows the following. Customer Materials Requisition Time Tickets Job Rodgers Koss Stevens Linton Rodgers 976 2,440 610 1,586 366 5,978 1,830 7,808 1,037 976 439 1,464 476 4,392 1,464 5,856 General use Overhead was charged to jobs at the same rate of s 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 $ 23,058. Each customer paid in full. Journalize the June transactions: (4) 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. Round answers to 0 decimal places, e.g. 2,500.) No. Account Titles and Explanation Debit Credit Accounts Payable To record purchase of raw materials) Factory Labor Cash (To record factory labor costs paid Manufacturing Overhead Accounts Payable (To record manufacturing overhead costs incurred) 2) Work in Process Inventory Raw Materials Inventory (To record assignment of direct materials) Work in Process Inventory Manufacturing Overhead Factory Labor To record assignment of factory labor) Work in Process Inventory Manufacturing Overhead To record assignment of manufacturing overhead) Finished Goods Inventory Work in Process Inventory To record completion of jobs) Cash (3) Sales Revenue To record sale of goods) Cost of Goods Sold Finished Goods Inventory To record the cost of goods sold) Post the entries to Work in Process Inventory. (Round answers to 0 decimal places, e.g. 2,500.) Work in Process Inventory June 6/30 LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. (Round answers to 0 decimai places, e.g. 2,500.) Costs of unfinished Job: Direct Materials + Direct Labor $ + Manufacturing Overhead $ Prepare a cost of goods manufactured schedule for June. (Round answers to 0 decimal places, e.g. 2,500.) CASE INC Cost of Goods Manufactured Schedule or the Year Ended June 30, 2017 Direct Materials Usetd Direct Labor Costs Total Manufacturing Costs Total Cost of Work in Process Less : | Work in Process, June 30 Cost of Goods Manufactured

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!