Question
In: Accounting
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 "?" . | |||||||||
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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...
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...
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 Danbury Co’s manufacturing activities for
the month of July 2016. Ending Balance Beginning Balance Materials
Inventory $7,500 $ 6,000 Goods in Process Inventory 11,000 2,000
Finished Goods Inventory 10,000 9,000 During July 2016, Danbury
Company purchased $20,000 of raw materials and incurred direct
labor costs of $14,160. The company applies overhead at a rate of
50%...
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