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.
Subsidiary data for Work in Process Inventory on June 1 are as follows.
Customer Job Cost Element Gannon Rosenthal Linton
During June raw materials purchased on account were $5767 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
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 $22245. Each customer paid in full.
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.
Post the Entries to Work in Process Inventory
Reconcile the balance in Work In Process Inventory with the costs of unfinished goods
Prepare a Cost of Goods manufactured Schedule for June.
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