Concept explainers
Prepare entries in a
(LO 1, 2, 3, 4, 5), AP
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.
Subsidiary data for Work in Process Inventory on June 1 are as follows.
During June, raw materials purchased on account were $4,900, and all wages were paid Additional
A summary of materials requisition slips and time tickets for June shows the following.
Customer Job | Materials Requisition Slips | Time Tickets |
Rodgers | $ 800 | $ 850 |
Koss | 2,000 | 800 |
Stevens | 500 | 360 |
Linton | 1,300 | 1,200 |
Rodgers | 300 | 390 |
4,900 | 3,600 | |
General use | 1,500 | 1,200 |
$6,400 | $4,800 |
Overhead was changed 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,
(b)
(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.
(d) Cost of goods manufactured $14,740
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