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

P15-3A Prepare entries for a job order cost system and cost of goods manufactured schedule Case...

P15-3A 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, 2017, 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...

I need to Prepare entries for a job order, cost system, and cost of goods manufactured...

I need to Prepare entries for a job order, cost system, and cost of goods manufactured schedule, but my numbers aren't matching up. Please answer both parts of the question. 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. P15-3A Prepare entries for a job order cost system and cost of...

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold...

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold and Income Statement; this ie the jouranl entries Pre-determined manufacturing overhead rate = Total estimated manufacturing overheads / Estimated direct labor hours = = $3600/12 hours = $300 per direct labor hour Step 2: Cost Sheet Job # 1 Direct materials $ Table top 2000 Legs ($650 x 4) 2600 Drawer 0 4600 Direct labor cost @ $20 per hour (3x2x$30) 180 Manufacturing overheads...

Prepare entries in a job order cost system and job cost sheets. Lott Company uses a...

Prepare entries in a job order cost system and job cost sheets. Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,000, direct labor $12,000, and manufacturing overhead $16,000. As of January 1, Job 49 had been completed at a cost of...

Exercise 14-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2...

Exercise 14-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2 Beck Manufacturing reports the information below for 2017. Raw Materials Inventory Begin. Inv. 12,500 Purchases 55,000 Avail. for use 67,500 DM used 49,000 End. Inv. 18,500 Work in Process Inventory Begin. Inv. 17,400 DM used 49,000 Direct labor 31,700 Overhead 61,000 Avail. for mfg. 159,100 Cost of goods mfg 146,300 End. Inv. 12,800 Finished Goods Inventory Begin. Inv. 21,400 Cost of goods mfg 146,300...

Schedule of cost of goods manufactured

Schedule of Cost of Goods Manufactured The company reported the following information for the year: Prepare a schedule of cost of goods manufactured for the year.

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of...

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? Multiple Choice Cost of goods manufactured = Total manufacturing costs + Beginning finished goods inventory – Ending finished goods inventory Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory – Ending work in process inventory Cost of goods manufactured = Total manufacturing costs + Ending work in process...

Prepare an income statement. You may include a schedule of Cost of Goods Manufactured and Cost...

Prepare an income statement. You may include a schedule of Cost of Goods Manufactured and Cost of Goods Sold as separate schedule or as part of the Income Statement. Chaos Manufacturing had the following financial information for the year ended December 31 2018: Inventory Balances: Beginning Ending Work in Progress $ 90,000 $ 80,000 Finished Goods $ 77,000 $ 67,000 Raw Materials $ 10,000 $ 30,000 During the year, the budgeted and actual...

Prepare entries in a job order cost system and partial income statement. For the year ended...

Prepare entries in a job order cost system and partial income statement. For the year ended December 31, 2020, the job cost sheets of Cinta Company contained the following data. Job Number Explanation Direct Materials Direct Labor Manufacturing Overhead Total Costs 7640 Balance 1/1 $25,000 $24,000 $28,800 $ 77,800 Current year's costs 30,000 36,000 43,200 109,200 7641 Balance 1/1 11,000 18,000 21,600 50,600 Current year's costs 43,000 48,000 57,600 148,600 7642 Current year's costs 58,000 55,000 66,000 179,00 Other data:1.Raw...

Preparing a Schedule of Cost of Finished Goods Manufactured, Cost of Goods Sold Schedule, and an...

Preparing a Schedule of Cost of Finished Goods Manufactured, Cost of Goods Sold Schedule, and an Income Statement. Listed below is information related to RRR Co’s manufacturing activities for the month of October 2020. Ending Balance Beginning Balance Materials Inventory $197,000 $ 211,000 Work in Process Inventory 59,000 78,000 Finished Goods Inventory 91,000 82,000 During October 2020, RRR Company purchased $105,000 of raw materials and incurred direct labor costs of $77,100. The...

Question