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 $6,720 Manufacturing Overhead Applied $52,224Work in Process Inventory $8,864 Manufacturing Overhead Incurred $50,640Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost SheetsCustomer JobCost materials $960 $1,280 $1,440Direct labor 512 864 928Manufacturing overhead 640 1,080 1,160$2,112 $3,224 $3,528During June, raw materials purchased on account were $7,840, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $1,120 and miscellaneous costs of $640 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer JobMaterials Requisition SlipsTime TicketsGannon $1,280 $720Koss 3,200 1,280Rosenthal 800 576Linton 2,080 1,920Gannon 480 6247,840 5,120General use 2,400 1,920$10,240 $7,040Overhead 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 $30,240. 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e. g. 2,500.)No. Account Titles and ExplanationDebitCredit(i)(To record purchase of raw materials)(To record factory labor costs incurred)(To record manufacturing overhead costs incurred)(ii)(To record assignment of direct materials) (To record assignment of factory labor)(To record assignment of manufacturing overhead)(iii)(To record completion of jobs)(To record sale of goods)(To record the cost of goods sold)SHOW LIST OF ACCOUNTSPost the entries to Work in Process Inventory. Work in Process Inventory
6/1Balance JuneCompleted workDirect materials Direct labor Overhead applied 6/30Balance SHOW LIST OF ACCOUNTSReconcile the balance in Work in Process Inventory with the costs of unfinished jobs. Balance in Work in Process Inventory $Costs of unfinished Job: $SHOW LIST OF ACCOUNTSPrepare a cost of goods manufactured schedule for June. STELLAR INC. Cost of Goods Manufactured ScheduleFor the Month Ended June 30, 2014Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, June 1Work in Process, June 30 $Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, June 1Work in Process, June 30 $Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, June 1Work in Process, June 30 Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, June 1Work in Process, June 30 Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, June 1Work in Process, June 30 Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, June 1Work in Process, June 30 AddLess: Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, June 1Work in Process, June 30 Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, June 1Work in Process, June 30