During june raw materials purchased on account were 5767

Assignment Help Accounting Basics

Reference no: EM13577559

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.

Reference no: EM13577559

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