Business
Business, 21.04.2020 03:14, Ayori144

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 $34,100
Work in Process Inventory $5,550 Manufacturing Overhead Incurred $34,300

Subsidiary data for Work in Process Inventory on June 1 are as follows:

Cost Element Rodgers Stevens Linton
Direct materials $612 $816 $918
Direct labor 326 551 592
Manufacturing overhead 408 689 740
$1,346 $2,056 $2,250

During June, raw materials purchased on account were $4,998, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $918 and miscellaneous costs of $408 incurred on account.
A summary of materials requisition slips and time tickets for June shows the following.

Customer Job Materials Requisition Slips Time Tickets
Rodgers $816 $867
Koss 2,040 816
Stevens 510 367
Linton 1,326 1,224
Rodgers 306 398
4,998 3,672
General use 1,530 1,224
$6,528 $4,896

Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $19,278. Each customer paid in full.

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
Answers: 1

Other questions on the subject: Business

image
Business, 22.06.2019 01:40, NeverEndingCycle
Suppose general motors demands labor according to the labor demand function 푤푤= 40−0. 5퐸퐸, where 푤푤 is the hourly wage and 퐸퐸 is the number of employees. the united auto workers union has a utility function given by 푈푈=푊푊∗퐸퐸. a. in 1984, the united auto workers union started negotiations with general motors by assuming that they were a monopoly union. find the wage and employment demands that the united auto workers union would have demanded before any bargaining began. b. if general motors and the united auto workers union both had excellent bargaining representatives, would this be the final labor contract? if not, then explain in words and graphically where they would end up after the bargaining process.
Answers: 1
image
Business, 22.06.2019 02:00, bannedccnt
Ida sidha karya company is a family-owned company located on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $860. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 320 units sold 285 units in ending inventory 35 variable costs per unit: direct materials $ 135 direct labor $ 355 variable manufacturing overhead $ 30 variable selling and administrative $ 15 fixed costs: fixed manufacturing overhead $ 64,000 fixed selling and administrative $ 27,000 the absorption costing income statement prepared by the company’s accountant for last year appears below: sales $ 245,100 cost of goods sold 205,200 gross margin 39,900 selling and administrative expense 31,275 net operating income $ 8,625 required: 1. under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. prepare an income statement for last year using variable costing. what is the amount of the difference in net operating income between the two costing methods?
Answers: 1
image
Business, 22.06.2019 03:40, levicorey846
2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.
Answers: 2
image
Business, 22.06.2019 23:50, chimwim8347
Keisha took the vark inventory and discovered she prefers to learn mainly through visual and kinesthetic modes. which study strategy would best match these preferences?
Answers: 1
Do you know the correct answer?
Case Inc. is a construction company specializing in custom patios. The patios are constructed of con...

Questions in other subjects:

Konu
History, 05.05.2021 17:50
Konu
Mathematics, 05.05.2021 17:50