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Det er De > www 40 103 Heute & A Ahhh bow 20.000 Dugo 500 0.44 . Pod Do More Info a. Purchased materials on account, $420,000 b. Requisitioned direct materials and used direct labor in construction Recorded the materials requisitioned Direct Materials Direct Labor 50,000 $ 47.000 House 402 s House 403 69,000 39.000 House 404 58,000 82,000 66,000 House 405 53.000 c. The company incurred total wages of $260.000 Use the data from Item b to assign the wages Wages are not yet paid. d. Depreciation of construction equipment, S6,500 e. Other overhead costs incurred Equipment rentals paid in cash $35,000 Worker liability insurance expired $4.000 f. Allocated overhead to jobs g. Houses completed 402, 404 h. House sold on account. 404 for $240,000 Print Done a from Item b to assign the wages (Assume the wages have not been paid) 1 Requirements 1. Calculate Unique's predetermined overhead allocation rate for the year 2. Prepare journal entries to record the events in the general journal 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the appropriate entries to these accounts, identifying each entry by letter Determine the ending account balances, assuming that the beginning balances were zero 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account 5. Add the costs of the completed house that has not yet been sold and show that this equals the ending balance in Finished Goods Inventory 6. Compute gross profit on the house that was sold What costs must gross profit cover for Unique Construction? Print Done Gowice www.The w Det er De > www 40 103 Heute & A Ahhh bow 20.000 Dugo 500 0.44 . Pod Do More Info a. Purchased materials on account, $420,000 b. Requisitioned direct materials and used direct labor in construction Recorded the materials requisitioned Direct Materials Direct Labor 50,000 $ 47.000 House 402 s House 403 69,000 39.000 House 404 58,000 82,000 66,000 House 405 53.000 c. The company incurred total wages of $260.000 Use the data from Item b to assign the wages Wages are not yet paid. d. Depreciation of construction equipment, S6,500 e. Other overhead costs incurred Equipment rentals paid in cash $35,000 Worker liability insurance expired $4.000 f. Allocated overhead to jobs g. Houses completed 402, 404 h. House sold on account. 404 for $240,000 Print Done a from Item b to assign the wages (Assume the wages have not been paid) 1 Requirements 1. Calculate Unique's predetermined overhead allocation rate for the year 2. Prepare journal entries to record the events in the general journal 3. T-accounts for Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the appropriate entries to these accounts, identifying each entry by letter Determine the ending account balances, assuming that the beginning balances were zero 4. Add the costs of the unfinished houses, and show that this total amount equals the ending balance in the Work-in-Process Inventory account 5. Add the costs of the completed house that has not yet been sold and show that this equals the ending balance in Finished Goods Inventory 6. Compute gross profit on the house that was sold What costs must gross profit cover for Unique Construction? Print Done Gowice www.The w

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