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Category > Accounting Posted 11 Aug 2017 My Price 13.00

Stellar Inc.

Stellar 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, 2012, the general ledger for Stellar Inc. contains the following data.

Raw Materials Inventory   $4,943   Manufacturing Overhead Applied   $38,417
Work in Process Inventory   $6,521   Manufacturing Overhead Incurred   $37,252


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

 

 

Job Cost Sheets
    Customer Job
Cost Element   Gannon   Rosenthal   Linton
Direct materials   $706   $942   $1,059
Direct labor   377   636   683
Manufacturing overhead   471   794   853
    $1,554   $2,372   $2,595


During June, raw materials purchased on account were $5,767, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $824 and miscellaneous costs of $471 incurred on account.

A summary of materials requisition slips and time tickets for June shows the following.

 

 

Customer Job   Materials Requisition Slips   Time Tickets
Gannon   $942   $530
Koss   2,354   942
Rosenthal   589   424
Linton   1,530   1,412
Gannon   353   459
    5,768   3,767
General use   1,766   1,412
    $7,534   $5,179


Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Gannon, Rosenthal, and Linton were completed during June and sold for a total of $22,245. Each customer paid in full.

 

 

A.

Journalize the June transactions: (i) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (ii) assignment of direct 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 goods

 

D.

Prepare a Cost of Goods manufactured Schedule for June.

 

 

 

If you could please show me your work that would be great. Thanks so much!

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 05:08 PM My Price 13.00

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