Question

Question 3 Waterway Inc. is a construction company saccia zing in custom patios. The patios are constructed of concrete, Erick, fiberglass, and I aer, desending upon customer arcference. On June 1, 2020, the general ledge- far Waterway Inc. contains the following data. Raw Materials Invertory $1.600 Menufacturing Overhead oplied $35, 100 Work in Process inventory S5.350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Viork in Process Inventory on Junie 1 ere as follons. Job Cost Sheets Customer Job Radgers Stevens Lintan $:00 Cost Element Direct matcrals Direct labar Manufacturing overheed S900 600 $/00 SDC 625 $1.025 $1,275 $2.250 Duraluna, materials purchased on account WATA $4,700, and all WAGAS WA Taid. Additional overhead costs consisted of depreciation on equipment 31,on and Miscellaneous costs at 400 incunad on account A summary of materials requisition slips and time tickets for lure shows the following. Materials Requisition Time Tickets $800 Customer Job Rodgers KOS Stevens Linleri Rodgers $300 1,500 900 300 1,300 1,300 400 4,200 1,400 $6,100 Gerveral use 3,700 1.000 $4,700 Overhead was charged to jobs at the same rate of sl 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 $20,600. Each customer peid in full

Answer 1

As all the Journal entries are correct, I have only done the incomplete journal entries

No	Account titles and explanation	Debit	Credit
(3)	Finished goods inventory	$14550
	Work in process inventory		$14550
	(To record completion of jobs)
	Cost of goods sold	$14550
	Finished goods inventory		$14550
	(To record the cost of goods sold)

Cost of finished goods inventory= Direct materials+Direct labor+Manufacturing overhead

= $(600+700+900+800+400+1300+400)+$(300+500+600+800+300+1300+400)+$(300+500+600+800+300+1300+400)*1.25

= $14550

Work in Process Inventory
6/1	Beginning balance	$5350	June	Finished goods inventory	$14550
	Direct materials	4700
	Direct labor	3700
	Manufacturing overhead applied	4625
6/30	Ending balance	$3825

Cost of unfinished jobs: Koss Direct materials $1800+ Direct labor $900+Manufacturing overhead $1125 (900*1.25)= $3825

WATERWAYS INC.
Cost of Goods Manufactured Schedule
For the Month Ended June 30, 2020
Work in process, June 1, 2020		$5350
Direct materials	$4700
Direct labor	3700
Manufacturing overhead	4625
Total manufacturing costs		13025
Total cost of work in process		18375
Less: Work in process, June 30, 2020		(3825)
Cost of goods manufactured		$14550