P2-3A Prepare entries for a job order cost system and cost of goods manufactured schedule Case Inc....

P2-3A Prepare entries for a job order cost system and cost of goods manufactured schedule
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		$4,200	Manufacturing Overhead Applied		$32,640
Work in Process Inventory		$5,540	Manufacturing Overhead Incurred		$31,650

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	$800	$900
	Direct labor	320	540	580
	Manufacturing overhead	400	675	725
		$1,320	$2,015	$2,205

During June, raw materials purchased on account were $4,900, 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 show the following.

	Customer Job	Materials Requisition slips	Time tickets
	Rodgers	$800	$850
	Koss	2000	800
	Stevens	500	360
	Linton	1300	1,200
	Rodgers	300	390
		4900	3,600
	General use	1500	1,200
		$6,400	$4,800

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 $18,900.
Each customer paid in full.

Instructions
(a)	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.
(b)	Post the entries to Work in Process Inventory.
(c )	Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs.
(d)	Prepare a cost of goods manufactured schedule for June.
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .

Expert Solution

ekkarill92 answered 1 year ago

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