Answer -
1. Answer -
Journalize the June transactions:
No. | Account Titles and Explanation | Debit | Credit |
(1) | Raw materials inventory | $4700 | |
Accounts payable | $4700 | ||
(To record purchase of raw materials) | |||
Factory labor | $4600 | ||
Cash | $4600 | ||
(To record factory labor costs paid) | |||
Manufacturing overhead | $1300 | ||
Accumulated depreciation-Equipment | $900 | ||
Accounts payable | $400 | ||
(To record manufacturing overhead costs incurred) | |||
(2) | Work in process inventory | $4700 | |
Manufacturing overhead | $1300 | ||
Raw materials inventory | $6000 | ||
(To record assignment of direct materials) | |||
Work in process inventory | $3500 | ||
Manufacturing overhead | $1100 | ||
Factory labor | $4600 | ||
(To record assignment of factory labor) | |||
Work in process inventory ($3500 * $1.25) | $4375 | ||
Manufacturing overhead | $4375 | ||
(To record assignment of manufacturing overhead) | |||
(3) | Finished goods inventory | $13575 | |
Work in process inventory | $13575 | ||
(To record completion of jobs) | |||
Cash | $19900 | ||
Sales revenue | $19900 | ||
(To record sale of goods) | |||
Cost of goods sold | $13575 | ||
Finished goods inventory | $13575 | ||
(To record the cost of goods sold) |
Calculation:
Finished goods inventory:
Customer Job | Direct materials | Direct labor | Manufacturing overhead | Total costs |
Rodgers | $1600 | $1400 | $1750 | $4750 |
Stevens | $1200 | $800 | $1000 | $3000 |
Linton | $2000 | $1700 | $2125 | $5825 |
Total costs | $13575 |
Here,
Direct materials:
Direct materials (Job) = (Work in process inventory on June 01) + (Materials requisition slips)
Rodgers = $500 + $800 + $300 = $1600
Stevens = $800 + $400 = $1200
Linton = $800 + $1200 = $2000
Direct labor:
Direct labor (Job) = (Work in process inventory on June 01) + (Time tickets)
Rodgers = $200 + $800 + $400 = $1400
Stevens = $500 + $300 = $800
Linton = $500 + $1200 = $1700
Manufacturing overhead:
Manufacturing overhead (Job) = Direct labor (Job) * $1.25
Rodgers = $1400 * $1.25 = $1750
Stevens = $800 * $1.25 = $1000
Linton = $1700 * $1.25 = $2125
2. Answer -
Work in process inventory | |||||
6/1 | Balance | $4800 | June | Completed work | $13575 |
Direct materials | $4700 | ||||
Direct labor | $3500 | ||||
Overhead applied | $4375 | ||||
6/30 | Balance | $3800 |
3. Answer -
Cost of unfinished Job: Koss = Direct materials $2000 + Direct labor $800 + Manufacturing overhead $1000 = $3800
Here,
Direct materials and Direct labor are given in a summary of materials requisition slips and time tickets for June.
Manufacturing overhead (Koss) = Direct labor * $1.25 = $800 * $1.25 = $1000
4. Answer -
Cost of goods manufactured schedule for June:
Case Inc. | ||
Cost of Goods Manufactured Schedule | ||
For the Month Ended June 30, 2020 | ||
Work in process, June 1 | $4800 | |
Direct materials used | $4700 | |
Direct labor | $3500 | |
Manufacturing overhead applied | $4375 | |
Total manufacturing costs | $12575 | |
Total cost of work in process | $17375 | |
Less: Work in process, June 30 | $3800 | |
Cost of goods manufactured | $13575 |
Calculation:
1. Total manufacturing costs = Direct materials used + Direct labor + Manufacturing overhead applied
Total manufacturing costs = $4700 + $3500 + $4375 = $12575
2. Total cost of work in process = Work in process, June 1 + Total manufacturing costs
Total cost of work in process = $4800 + $12575 = $17375
3. Cost of goods manufactured = Total cost of work in process - Work in process, June 30
Cost of goods manufactured = $17375 - $3800 = $13575
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete,...
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 $3,800 Manufacturing Overhead Applied $35,800 Work in Process Inventory $4,800 Manufacturing Overhead Incurred $29,800 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...
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. $3,800 Raw Materials Inventory $35,800 Manufacturing Overhead Applied $4,800 Manufacturing Overhead Incurred Work in Process Inventory $29,800 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton $500 $800...
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 $4,100 Manufacturing Overhead Applied $34,600 Work in Process Inventory $5,900 Manufacturing Overhead Incurred $29,300 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...
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. $4,100 Manufacturing Overhead Applied $34,600 Work in Process Inventory $5,900 Manufacturing Overhead Incurred $29,300 Raw Materials Inventory Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton $900 Direct...
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 $4,100 Manufacturing Overhead Applied $34,600 Work in Process Inventory $5,900 Manufacturing Overhead Incurred $29,300 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...
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 Work in Process Inventory $4,500 Manufacturing Overhead Applied $5,675 Manufacturing Overhead Incurred $35.900 $29,300 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...
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 $4,100 Manufacturing Overhead Applied $34,600 Work in Process Inventory $5,900 Manufacturing Overhead Incurred $29,300 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...
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 Work in Process Inventory $4,500 $5,800 Manufacturing Overhead Applied Manufacturing Overhead Incurred $35,300 $34,500 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $700...
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 $3,800 Manufacturing Overhead Applied 35,800 Work in Process Inventory $4,800 Manufacturing Overhead Incurred 29,800 Subsidiary data for Work in Process Inventory on June 1 are as follows. 0 ะตะต Customer Job Cost Element Direct materials Direct labor Manufacturing overhead Rodgers...
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 4,600 Manufacturing Overhead Applied $35,500 Work in Process Inventory $5,900 Manufacturing Overhead Incurred $30,000 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Direct materials Direct labor Rodgers Stevens...