Case Ine 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. Manufacturing Overhead Applied $32,640 Manufacturing Overhead Incurred $31,650 $4,200 Raw Materials Inventory Work in Process Inventory $5,540 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers $ 600 320 400 Stevens Linton $ 900 580 725 Direct materials Direct labor Manufacturing overhead $ 800 540 675 $2,015 $2,205 $1,320 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 shows the following. Materials Requisition Slips $ 800 2,000 Time Tickets Customer Job Rodgers Koss $ 850 800 500 1,300 300 Stevens Linton 360 1,200 390 Rodgers 3,600 1,200 $4,800 4,900 1,500 $6,400 General use 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.
Case Ine 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. Manufacturing Overhead Applied $32,640 Manufacturing Overhead Incurred $31,650 $4,200 Raw Materials Inventory Work in Process Inventory $5,540 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers $ 600 320 400 Stevens Linton $ 900 580 725 Direct materials Direct labor Manufacturing overhead $ 800 540 675 $2,015 $2,205 $1,320 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 shows the following. Materials Requisition Slips $ 800 2,000 Time Tickets Customer Job Rodgers Koss $ 850 800 500 1,300 300 Stevens Linton 360 1,200 390 Rodgers 3,600 1,200 $4,800 4,900 1,500 $6,400 General use 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Help with A,B,C, and D
Transcribed Image Text:Case Ine
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.
Manufacturing Overhead Applied $32,640
Manufacturing Overhead Incurred $31,650
$4,200
Raw Materials Inventory
Work in Process Inventory $5,540
Subsidiary data for Work in Process Inventory on June 1 are as follows.
Job Cost Sheets
Customer Job
Cost Element
Rodgers
$ 600
320
400
Stevens
Linton
$ 900
580
725
Direct materials
Direct labor
Manufacturing overhead
$ 800
540
675
$2,015
$2,205
$1,320
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 shows the following.
Materials Requisition Slips
$ 800
2,000
Time Tickets
Customer Job
Rodgers
Koss
$ 850
800
500
1,300
300
Stevens
Linton
360
1,200
390
Rodgers
3,600
1,200
$4,800
4,900
1,500
$6,400
General use
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.
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