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P2.3 (LO 1, 2, 3, 4, 5), AP Poawit Ltd. 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 Poawit Ltd. contains the following data. Raw Materials Inventory V42,000 Manufacturing Overhead Applied Y326,400 Work in Process Inventory 455,400 Manufacturing Overhead Incurred Y316,500 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Cost Element Direct materials Direct labor Manufacturing overhead Yang V 6,000 3,200 4,000 V13,200 Customer Job Shin V 8,000 5,400 6.750 V20,150 V 9.000 5,800 7.250 V22,050 During June, raw materials purchased on account were 449,000, and all wages were paid. Addi- tional overhead costs consisted of depreciation on equipment V9,000 and miscellaneous costs of V4,000 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer Job Time Tickets Yang Chen Shin Li Materials Requisition Slips W 8,000 20,000 5.000 13,000 3,000 49,000 15,000 V64,000 Yang V 8.500 8,000 3,600 12,000 3,900 36,000 12.000 ¥48,000 General use Overhead was charged to jobs at the same rate of ¥1.25 per yuan of direct labor cost. The patios for customers Yang, Shin, and Li were completed during June and sold for a total of 189.000. 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

Answer 1

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solution : Requirement : DV 49000 1. Raw - Materials Inventory All To Accounts payable 49000 48000 Factory Labor ale 48000 - To cash Mano facturing overhead All DV 13000 To Accomolated Depreciation - eaquipment To Accounts payable 9000 4000 49000 13 ров Work in process Manofactoring To Daw Inventory overhead materials Alc. DV Ac DV Inventory 64000 ale or or 36000 12000 Work in process inventory Manufacturing overhead Ale To factory labor 48000 45000 work in TO process inventary Manofactoring (& 360004 1.25) overhead «f bоо 47400 Pinisted Goods Inventory ale or To work in process inventory 147400 Direct Materials manufacturing Overhead * Direct Labor 16 Total costs & 1950o ¥ 52100 * 15600 yang Shin & 17000 1000 9000 11250 33250 2 2001 17 000 22250 62050 # 147400 125t.& direct labor amant.

Cash Alc To sales 189000 o Revence r 199000 147400 cost AC or of To goods sold alcor finished goods inventory 147400 Reqoirement process Inventory or 611 Balance Diraterials Work in 55400 49000 16000 Jone completed work 147400 Dolabor O-Vexhead 45000 applied 6/30 Balance 38000 & 38000 Requirement : Reconciliation Work in process Inventory Job: (Direct Materials &20000 & Direct Lobor & 8000 * Mfg overheat & 10000) * 38000

Requirement (d: POAWIT LTD cost For of the Goods Month Manufactured Schedule Ended June 30, 2020 particulars Amount Amoont + 55400 work in process , Jone Direct Materials used Direct labor mfg overhead applied Total Hanofacturing costs #49000 36000 45000 130000 185400 (38000) Total cost of work in process Less: work in process, June 30 cost of goods mano factured * 147400