Robert Perez is a contractor specializing in
custom-built jacuzzis. On May 1, 2018, his ledger contains the
following data.
Raw Materials Inventory $30,000
Work in Process Inventory 12,200
Manufacturing Overhead 2,500 (dr.)
The Manufacturing Overhead account has debit totals of $12,500 and
credit totals of $10,000. Subsidiary data for Work in Process
Inventory on May 1 include:
Job Cost Sheets
Job
by Customer Direct
Materials Direct
Labor Manufacturing
Overhead
Stiner $2,500 $2,000 $1,400
Alton 1,200 1,200 840
Herman 900 800 560
$54,00 $4,000 $2,800
During May, the following costs were incurred: raw materials
purchased on account $4,000, labor paid $7,000, and manufacturing
overhead paid $1,400.
A summary of materials requisition slips and time tickets for the
month of May reveals the following.
Job by
customer Materials Requisition Slips Time
Tickets
Stiner $ 500 $ 400
Alton 600 1,000
Herman 2,300 1,300
Smith 1,900 2,300
5,300 5,000
General use 1,500 2,000
$6,800 $7,000
Overhead was charged to jobs on the basis of $0.70 per dollar of
direct labor cost. The jacuzzis for customers Stiner, Alton, and
Herman were completed during May. The three jacuzzis were sold for
a total of $36,000.
Instructions
a. Prepare journal entries for the May transactions: (i) for
purchase of raw materials, factory labor costs incurred, and
manufacturing overhead costs incurred; (ii) assignment of raw
materials, labor, and overhead to production; and (iii) 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 May.
robert perez is a contractor specializing in custom - built jacuzzis on may 1
Robert Perez is a contractor specializing in custom-built jacuzzis. On May 1, 2018, his ledger contains...
Robert Perez is a contractor specializing in custom-built jacuzzis. On May 1, 2017, his ledger contains the following data. Raw Materials Inventory $30,000 Work in Process Inventory 12,200 Manufacturing Overhead 2,500 (dr.) The Manufacturing Overhead account has debit totals of $12,500 and credit totals of $10,000. Subsidiary data for Work in Process Inventory on May 1 include: Job Cost Sheets Job Manufacturing by Customer Direct Materials Direct Labor Overhead Stiner $2,500 $2,000 $1,400 Alton 2,000 1,200 840 Herman 900 800...
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Cost of a Manufactured Product- Job Costing System Robert Perez is a contractor specializing in custom-built Jacuzzis. Perez uses the Job Order Cost system. As of May 1, 2018, Perez has incurred the following costs for each of the jobs listed below HERMAN ALTON STINER $ 900 DM s 2,000 DMS 2500 DI. 800 DL 1,200 DL 2,000 560 FOH 840 FOH 1,400 FOH TOTAL: 2,260 TOTAL: $ 4,040 TOTAL:$ 5,900 During May, Perez incurs the following costs below. Perez...
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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, 2020, the general ledger for Case Inc. contains the following data. Raw Materials Inventory $4,400 Manufacturing Overhead Applied $31,800 Work in Process Inventory $5,450 Manufacturing Overhead Incurred $30,200 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...
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