Robert Perez is a contractor specializing in custom-built jacuzzis. On May 1, 2014, his ledger contains the following data.
| Raw Materials Inventory Don't use plagiarized sources. Get Your Custom Essay on post the entries to work in process inventory 608801 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | $30,000 |
| Work in Process Inventory | 12,200 |
| Manufacturing Overhead | 2,500(dr.) |
The Manufacturing Overhead account has debit totals of $12,500 and credit totals of $10,000. Subsidiary data for Work in Process Inventory on May 1 include:
| Job Cost Sheets | |||
| Job by Customer | Direct Materials | Direct Labor | Manufacturing Overhead |
| Stiner | $2,500 | $2,000 | $1,400 |
| Alton | 2,000 | 1,200 | 840 |
| Herman | 900 | 800 | 560 |
| $5,400 | $4,000 | $2,800 | |
During May, the following costs were incurred: raw materials purchased on account $4,000, labor paid $7,000, and manufacturing overhead paid $1,400.
A summary of materials requisition slips and time tickets for the month of May reveals the following.
| Job by Customer | Materials Requisition Slips | Time Tickets |
| Stiner | $500 | $400 |
| Alton | 600 | 1,000 |
| Herman | 2,300 | 1,300 |
| Smith | 1,900 | 2,300 |
| 5,300 | 5,000 | |
| General use | 1,500 | 2,000 |
| $6,800 | $7,000 |
Overhead was charged to jobs on the basis of $0.70 per dollar of direct labor cost. The jacuzzis for customers Stiner, Alton, and Herman were completed during May. The three jacuzzis were sold for a total of $36,000.
Instructions
(a)Prepare journal entries for the May transactions: (i) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (ii) assignment of raw 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 jobs.
(d)Prepare a cost of goods manufactured schedule for May.
part one For this assignment you are to to watch: Shattered Glass Write a two…
Standard Project - WebServers. Instruction attached. Need all requirements, you do not have to make…
Read classmates post and respond with 100 words:The International Categorization of Diseases, Tenth Revision, Clinical…
Most Americans have at least 1 issue that is most important to them. Economic issues…
For this assignment, you are the court intake processor at a federal court where you…
Use a standard outline format to lay out how you are going to write your…