Please help me to solve this problem, just problem h and 1 to 5 questions . Give
ID: 2335045 • Letter: P
Question
Please help me to solve this problem, just problem h and 1 to 5 questions . Give me the correct answer, thanks.
Meadow Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred during May: (Click the icon to view the events.) Read the requirements Journal Entry Date Accounts Debit Credit g. Finished Goods Inventory 258,680 Work in Process Inventory 258,680 (h) Chalets sold on account: 13 for $91,000 and 16 for $148,000. First record the sale of the chalets. Journal Entry Date Accounts Debit Credit h. Accounts Recelvable 239,000 Sales Revenue 239,000 Next, record the cost of goods sold. Journal Entry Date Accounts Debit Credit h. Cost of Goods Sold Finished Goods Inventory Choose from any list or enter any number in the input fields and then click Check AnswerExplanation / Answer
1.Journal entries date account title debit credit a Raw material $430,000 accounts payable $430,000 b factory labor $117,000 accounts payable $117,000 Work in process =14400+28000+19200+21700 $83,300 manufacturing overhead ($117000-$83300) $33700 factory labor $117,000 c work in process $226,600 raw material $226,600 41600+56400+62000+66600 d manufacturing overhead $ 6,300 accumulated depreciation $ 6,300 e manufacturing overhead $19,900 cash $10,900 prepaid plant insurance $9,000 f Work in process $50,220 manufacturing overhead $50,220 g Finished goods $258,680 Work in process $258,680 (refer note 1) h account receivable $239,000 sales $239,000 91000+148000 COGS $165,960 Finished goods $165,960 $64640+$101320 (refer note 1) note 1 - value of chalets completed 13 15 16 direct labor $14,400 $19,200 $21,700 direct material $ 41,600 $62,000 $ 66,600 manufacturing overhead 60%*direct labor $8,640 $11,520 $13,020 total $64,640 $92,720 $101,320 2.T accounts : WIP Inventory direct labor $83,300 Finished goods inventory $258,680 raw material $226,600 bal $101,440 manufacturing overhead $50,220 Finished goods inventory WIP inventory $258,680 COGS $165,960 bal $92,720 3.summary of unfinished chalets 14 unfinished chalets direct material $ 56,400 direct labor $ 28,400 manufacturing overhead (60%*28400) $17,040 total cost equals ending WIP balance $101,840 4.summary of completed but unsold chalets 15 direct material $62,000 direct labor $19,200 manufacturing overhead (60%*19200) $11,520 total cost equals finished goods balance $92,720 5. Gross profit must cover these type of cost Direct material direct labor manufacturing overhead Gross profit on chalets sold in may chalets 13 chalets 16 sales $91,000 $ 148,000 Less : COGS $64,640 $101,320 Gross profit $26,360 $46,680