Whispering Winds 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, 2022, accounting records for Whispering Winds Inc. contain the following data. Raw Materials Inventory $4,100 Manufacturing Overhead Applied $33,800 Work in Process Inventory $5,675 Manufacturing Overhead Incurred $28,600 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 $900 $800 Direct labor 200 600 700 Manufacturing overhead 250 750 875 $1,050 $2,250 $2,375 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $800 and miscellaneous costs of $300 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Materials Customer Job Requisition Slips Time Tickets Rodgers $900 $800 Koss 1,800 800 Stevens 400 400 Linton 1,300 1,300 Rodgers 300 400 4,700 3,700 General use 1,400 1,400 $6,100 $5,100 Overhead was charged to jobs at the rate of $1.25 per dollar of direct labor cost. The patlos for customers Rodgers, Stevens, and Linton were completed during June and sold. Each customer paid in full.
Whispering Winds 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, 2022, accounting records for Whispering Winds Inc. contain the following data. Raw Materials Inventory $4,100 Manufacturing Overhead Applied $33,800 Work in Process Inventory $5,675 Manufacturing Overhead Incurred $28,600 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 $900 $800 Direct labor 200 600 700 Manufacturing overhead 250 750 875 $1,050 $2,250 $2,375 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $800 and miscellaneous costs of $300 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Materials Customer Job Requisition Slips Time Tickets Rodgers $900 $800 Koss 1,800 800 Stevens 400 400 Linton 1,300 1,300 Rodgers 300 400 4,700 3,700 General use 1,400 1,400 $6,100 $5,100 Overhead was charged to jobs at the rate of $1.25 per dollar of direct labor cost. The patlos for customers Rodgers, Stevens, and Linton were completed during June and sold. Each customer paid in full.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 10Q: What do the terms debit and credit mean?
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Question
Need it to be in the same graph
Not debit and credit .but what is shown on the picture
Expert Solution
Step 1
>Job Costing involve accounting for each job individually.
>The cost applied to the job include direct materials, direct labor and overhead applied cost. This is added to the cost of Job in the WIP Inventory.
>The Job completed gets its cost transferred from WIP to Finished goods inventory.
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