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Statistics Help

**Question: **Hi. Can you help me solve this problem: P2-3A 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, 2014, the general ledger for Stellar Inc. contains the following

data.

Raw Materials Inventory $4,200 Manufacturing Overhead Applied $32,640

Work in Process Inventory $5,540 Manufacturing Overhead Incurred $31,650

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 $ 600 $ 800 $ 900

Direct labor 320 540 580

Manufacturing overhead 400 675 725

$1,320 $2,015 $2,205

During June, raw materials purchased on account were $4,900, and all wages were

paid. Additional overhead costs consisted of depreciation on equipment $700 and miscellaneous

costs of $400 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 $ 800 $ 450

Koss 2,000 800

Rosenthal 500 360

Linton 1,300 1,200

Gannon 300 390

4,900 3,200

General use 1,500 1,200

$6,400 $4,400

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 $18,900. Each customer paid in full.

Instructions

(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 jobs.

(d) Prepare a cost of goods manufactured schedule for June. Edit

**TutorTeddy.com & Boston Predictive Analytics**

[ Email your Statistics or Math problems to **help@teddycan.com** (camera phone photos are OK) ]

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