Cullumber Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On June 1, 2022, the general ledger for Cullumber Inc. contains the following data.Raw Materials Inventory $4,600 Manufacturing Overhead Applied $35,500Work in Process Inventory $5,900 Manufacturing Overhead Incurred $30,000Subsidiary data for Work in Process Inventory on June 1 are as follows.Job Cost Sheets Customer JobCost Element Rodgers Stevens LintonDirect materials $600 $700 $1,000Direct labor 300 600 700Manufacturing overhead 375 750 875 $1,275 $2,050 $2,575During June, raw materials purchased on account were $4,900, and $4,600 of factory wages were paid. Additional overhead costs consisted of depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account.A summary of materials requisition slips and time tickets for June shows the following.Customer Job Materials Requisition Slips Time TicketsRodgers $800 $800Koss 2,000 700Stevens 400 300Linton 1,300 1,100Rodgers 400 300 4,900 3,200General use 1,400 1,400 $6,300 $4,600Overhead was assigned to jobs at the same rate of $1.25 per dollar of direct labor cost throughout the year. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $19,800. Each customer paid in full at the time of sale.(a) Journalize the June transactions: (1) 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)No.Account Titles and ExplanationDebitCredit(1)enter an account title to record purchase of raw materialsenter a debit amountenter a credit amount enter an account title to record purchase of raw materialsenter a debit amountenter a credit amount (To record purchase of raw materials) enter an account title to record factory labor costs paidenter a debit amountenter a credit amount enter an account title to record factory labor costs paidenter a debit amountenter a credit amount (To record factory labor costs paid) enter an account title to record manufacturing overhead costs incurredenter a debit amountenter a credit amount enter an account title to record manufacturing overhead costs incurredenter a debit amountenter a credit amount enter an account title to record manufacturing overhead costs incurredenter a debit amountenter a credit amount (To record manufacturing overhead costs incurred)(2)enter an account title to record assignment of direct materialsenter a debit amountenter a credit amount enter an account title to record assignment of direct materialsenter a debit amountenter a credit amount enter an account title to record assignment of direct materialsenter a debit amountenter a credit amount (To record assignment of direct materials) enter an account title to record assignment of factory laborenter a debit amountenter a credit amount enter an account title to record assignment of factory laborenter a debit amountenter a credit amount enter an account title to record assignment of factory laborenter a debit amountenter a credit amount (To record assignment of factory labor) enter an account title to record assignment of manufacturing overheadenter a debit amountenter a credit amount enter an account title to record assignment of manufacturing overheadenter a debit amountenter a credit amount (To record assignment of manufacturing overhead)(3)enter an account title to record completion of jobsenter a debit amountenter a credit amount enter an account title to record completion of jobsenter a debit amountenter a credit amount (To record completion of jobs) enter an account title to record sale of goodsenter a debit amountenter a credit amount enter an account title to record sale of goodsenter a debit amountenter a credit amount (To record sale of goods) enter an account title to record the cost of goods soldenter a debit amountenter a credit amount enter an account title to record the cost of goods soldenter a debit amountenter a credit amount (To record the cost of goods sold)

Name: Cullumber Inc. is a construction company specializing in custom patios
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Description: Cullumber Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On June 1, 2022, the general ledger for Cullumber Inc. contains the follo

The work in process account records the direct costs incurred and overhead applied to the jobs. The…

Cullumber Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On June 1, 2022, the general ledger for Cullumber Inc. contains the following data. Raw Materials Inventory $4,600 Manufacturing Overhead Applied $35,500 Work in Process Inventory $5,900 Manufacturing Overhead Incurred $30,000 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 $700 $1,000 Direct labor 300 600 700 Manufacturing overhead 375 750 875 $1,275 $2,050 $2,575 During June, raw materials purchased on account were $4,900, and $4,600 of factory wages were paid. Additional overhead costs consisted of depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer Job Materials Requisition Slips Time Tickets Rodgers $800 $800 Koss 2,000 700 Stevens 400 300 Linton 1,300 1,100 Rodgers 400 300 4,900 3,200 General use 1,400 1,400 $6,300 $4,600 Overhead was assigned to jobs at the same rate of $1.25 per dollar of direct labor cost throughout the year. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $19,800. Each customer paid in full at the time of sale. (a)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Raw Materials Inventory		$4,600		Manufacturing Overhead Applied		$35,500
Work in Process Inventory		$5,900		Manufacturing Overhead Incurred		$30,000

Job Cost Sheets
	Customer Job
Cost Element	Rodgers	Stevens	Linton
Direct materials	$600	$700	$1,000
Direct labor	300	600	700
Manufacturing overhead	375	750	875
	$1,275	$2,050	$2,575

Customer Job	Materials Requisition Slips	Time Tickets
Rodgers	$800	$800
Koss	2,000	700
Stevens	400	300
Linton	1,300	1,100
Rodgers	400	300
	4,900	3,200
General use	1,400	1,400
	$6,300	$4,600

(a)

Journalize the June transactions: (1) 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
(1)	enter an account title to record purchase of raw materials	enter a debit amount	enter a credit amount
	enter an account title to record purchase of raw materials	enter a debit amount	enter a credit amount
	(To record purchase of raw materials)
	enter an account title to record factory labor costs paid	enter a debit amount	enter a credit amount
	enter an account title to record factory labor costs paid	enter a debit amount	enter a credit amount
	(To record factory labor costs paid)
	enter an account title to record manufacturing overhead costs incurred	enter a debit amount	enter a credit amount
	enter an account title to record manufacturing overhead costs incurred	enter a debit amount	enter a credit amount
	enter an account title to record manufacturing overhead costs incurred	enter a debit amount	enter a credit amount
	(To record manufacturing overhead costs incurred)
(2)	enter an account title to record assignment of direct materials	enter a debit amount	enter a credit amount
	enter an account title to record assignment of direct materials	enter a debit amount	enter a credit amount
	enter an account title to record assignment of direct materials	enter a debit amount	enter a credit amount
	(To record assignment of direct materials)
	enter an account title to record assignment of factory labor	enter a debit amount	enter a credit amount
	enter an account title to record assignment of factory labor	enter a debit amount	enter a credit amount
	enter an account title to record assignment of factory labor	enter a debit amount	enter a credit amount
	(To record assignment of factory labor)
	enter an account title to record assignment of manufacturing overhead	enter a debit amount	enter a credit amount
	enter an account title to record assignment of manufacturing overhead	enter a debit amount	enter a credit amount
	(To record assignment of manufacturing overhead)
(3)	enter an account title to record completion of jobs	enter a debit amount	enter a credit amount
	enter an account title to record completion of jobs	enter a debit amount	enter a credit amount
	(To record completion of jobs)
	enter an account title to record sale of goods	enter a debit amount	enter a credit amount
	enter an account title to record sale of goods	enter a debit amount	enter a credit amount
	(To record sale of goods)
	enter an account title to record the cost of goods sold	enter a debit amount	enter a credit amount
	enter an account title to record the cost of goods sold	enter a debit amount	enter a credit amount
	(To record the cost of goods sold)

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