Question

Problem 15-JA (Part Level Submission) Case Inc. is a construction company special contains the following data i sto paties. The pas e constructed of concrete, trick, fiberglass and lumber, depending upon customer preference on June 1, 2017, the general ledger for Case in Work in Process o ry 54.652 5.149 anturing Overhead Acid Overhead turned 16,230 35.132 Subsidiary data for Work Proces veryone was follows. Job Coat Sheets Customer Job Costlement Oect materia A summary of materias Customer Materials Requieren dimecres one show i ng Room Stevens 15,339

Answer 1

No	Account titles and explanation	Debit	Credit
1)	Raw materials inventory	$5439
	Accounts payable		$5439
	(To record purchase of raw materials)
	Factory labor	$5329
	Cash		$5329
	(To record factory labor costs paid)
	Manufacturing overhead (999+444)	$1443
	Accumulated depreciation- Equipment		$999
	Accounts payable		$444
	(To record manufacturing overhead costs incurred)
2)	Work-in-Process inventory	$5439
	Manufacturing overhead	$1665
	Raw materials inventory		$7104
	(To record assignment of direct materials)
	Work-in-Process inventory	$3997
	Manufacturing overhead	$1332
	Factory labor		$5329
	(To record assignment of factory labor)
	Work-in-process inventory (3997*1.25)	$4996
	Manufacturing overhead		$4996
	(To record assignment of manufacturing overhead)
3)	Finished goods inventory	$16363
	Work-in-Process inventory		$16363
	(To record completion of jobs)
	Cash	$20979
	Sales revenue		$20979
	(To record sales of goods)
	Cost of goods sold	$16363
	Finished goods inventory		$16363
	(To record the cost of goods sold)

Calculation of Finished goods inventory= Direct materials+Direct labor+Manufacturing overhead

= $5772+4707+5884= $16363

Direct materials= $666+888+999+888+555+1443+333= $5772

Direct labor= $355+599+644+944+400+1332+433= $4707

Manufacturing overhead= $4707*1.25= $5884