Question

Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $600 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1.275 $1.825 Linton $900 600 750 $2.250 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Materials Requisition Slips Time Tickets Customer Job Type here to search B

Answer 1

Working:

Job Cost Sheets
	Rodgers	Stevens	Linton	Koss
Beginning balance $	1275	1825	2250	0
Direct materials	1200	400	1300	1800
Direct labor cost	1200	300	1300	900
Manufacturing overheads (@ $1.25 per direct labor cost dollar)	1500	375	1625	1125
Total cost $	5175	2900	6475	3825

(a)

No.	Account Titles and Explanation	Debit	Credit
1	Raw Materials Inventory	4700
	Accounts Payable		4700
	(To record purchase of raw materials)
	Factory labor	4700
	Cash		4700
	(To record factory labor costs paid)
	Manufacturing overhead	1400
	Accumulated depreciation-equipment		1000
	Accounts Payable		400
	(To record manufacturing overhead costs incurred)
2	Work in process inventory	4700
	Manufacturing overhead	1400
	Raw Materials inventory		6100
	(To record assignment of direct materials)
	Work in process inventory	3700
	Manufacturing overhead	1000
	Factory labor		4700
	(To record assignment of factory labor)
	Work in process inventory	4625
	Manufacturing overhead ($1.25 x $3700)		4625
	(To record assignment of manufacturing overhead)
3	Finished goods inventory ($5175 + 2900 + 6475)	14550
	Work in process inventory		14550
	(To record completion of jobs)
	Cash	20600
	Sales revenue		20600
	(To record sale of goods)
	Cost of goods sold	14550
	Finished goods inventory		14550
	(To record the cost of goods sold)

(b)

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