Managerial acctg record the events in the general journal. start

Widget Construction, Inc., is a home builder in New Mexico.  Widget uses a job order costing system in which each house is a job.  Because it constructs houses, the company uses accounts titled Construction wages and Construction overhead.  The following events occurred during  August:                a. Purchased Materials on account $470,000    b. Incurred Contrstucion wages of $230,000.  Requisitioned direct materials and used direct labor in construction:    Direct MaterialsDirect Labor  House 402 $        58,000   $          40,000    House 403 $        63,000   $          34,000    House 404 $        60,000   $          52,000    House 405 $        89,000   $          51,000   c. Deprectaion of construction equipment $6,800    d. Other overhead costs incurred on houses 402 through 405.    Indirect Labor   $          44,000    Equipment rentals in cash   $          33,000    Worker liability insurance expired  $            7,000   e. Allocated overhead to jobs at the predetermined rate of 40% of direct labor cost  f. Houses completed 402 and 404     g. House 404 Sold for $220,000                    Deliverables              1.  Record the events in the general journal    2.  Post the appropriate entries to the T-accounts, identifying each entry by letter.  Determine the ending account balances, assuming that the beginning balances were zero.  3.  Add the costs of the unfinished houses, and show that this total amount equals the ending  balances in the Work in process inventory account.   4.  Add the cost of the completed house that has not yet been sold, and show that this equals  the ending balance in Finished goods inventory.   5.  Compute gross profit on the house that was sold.  What costs must gross profit cover for  Sherborn Construction?            Deliverable 1       Record the events in the general journal.  Start with the entry from event (a).          Journal Entry DateAccountsDebitCredit a.                         Event (b) has two journal entries to record.  First record the construction wages.   Journal Entry DateAccountsDebitCredit b.                         Now record the requisitioned direct materials and direct labor used.    Journal Entry DateAccountsDebitCredit b.                         Next record the depreciation of construction equipment, $6,800.    Journal Entry DateAccountsDebitCredit c.                         Record the overhead costs incurred on houses 402 through 405.    Journal Entry DateAccountsDebitCredit d.                                 Record the allocated overhead to jobs at the predetermined rate of 40% of direct labor cost.  Journal Entry DateAccountsDebitCredit e.                         Record the completed houses 402 and 404 in event (f).    Journal Entry DateAccountsDebitCredit f.                         Begin by recording the revenue from the sale of house 404.    Journal Entry DateAccountsDebitCredit g.                         Next record the cost of goods sold from the sale of house 404.    Journal Entry DateAccountsDebitCredit g.                                 Deliverable 2       Post the appropriate entries to the Work in process inventory and Finished goods  inventory T-accounts.  Identify each entry by letter and determine the ending account  balances.  The sharded area is for the letter.                   Work in process inventory    (b) (f)     (e)               Bal.                       Finished goods inventory    (f) (g)                     Bal.               –                         Deliverable 3       Show how the costs of the unfinished houses equals the ending balance in   Work in process inventory.                     Widget Construction, Inc.  Reconciliation of Work in process inventory Subsidiary  and Control Accounts      House #403  House #405  Total WIP Balance   Unfinished houses:         Direct materials          Direct labor          Manufac. overhead -40% of labor     Total costs = Work in Process                            Deliverable 4       Show how the costs of the completed houses equals the ending balance in   Finished goods inventory.                     Widget Construction, Inc.  Reconciliation of Finished goods inventory Subsidiary  and Control Accounts       House#402  Total Finished Goods Bal.   Completed, unsold house:         Direct materials          Direct labor          Manufac. overhead -40% of labor     Total cost = Finished Goods bal.                            Deliverable 5       Compute the gross profit for the house that was sold.                    Widget Construction, Inc.    Gross profit on Homes Sold in August       House #404    Sales revenue      Less: Cost of goods sold     Gross profit              The gross profit must cover these types of costs:                                           

Order a unique copy of this paper
(550 words)

Approximate price: $22

Our Basic features
  • Free title page and bibliography
  • Plagiarism-free guarantee
  • Unlimited revisions
  • Money-back guarantee
  • 24/7 support
Our Options
  • Writer’s samples
  • Expert Proofreading
  • Overnight delivery
  • Part-by-part delivery
  • Copies of used sources
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

AcademicWritingCompany guarantees

Our customer is the center of what we do and thus we offer 100% original essays..
By ordering our essays, you are guaranteed the best quality through our qualified experts.All your information and everything that you do on our website is kept completely confidential.

Money-back guarantee

Academicwritingcompany.com always strives to give you the best of its services. As a custom essay writing service, we are 100% sure of our services. That is why we ensure that our guarantee of money-back stands, always

Read more

Zero-plagiarism tolerance guarantee

The paper that you order at academicwritingcompany.com is 100% original. We ensure that regardless of the position you are, be it with urgent deadlines or hard essays, we give you a paper that is free of plagiarism. We even check our orders with the most advanced anti-plagiarism software in the industry.

Read more

Free-revision guarantee

The Academicwritingcompany.com thrives on excellence and thus we help ensure the Customer’s total satisfaction with the completed Order.To do so, we provide a Free Revision policy as a courtesy service. To receive free revision the Academic writing Company requires that the you provide the request within Fifteen (14) days since the completion date and within a period of thirty (30) days for dissertations and research papers.

Read more

Privacy and Security policy

With Academicwritingcompan.com, your privacy is the most important aspect. First, the academic writing company will never resell your personal information, which include credit cards, to any third party. Not even your lecturer on institution will know that you bought an essay from our academic writing company.

Read more

Adherence to requirements guarantee

The academic writing company writers know that following essay instructions is the most important part of academic writing. The expert writers will, therefore, work extra hard to ensure that they cooperate with all the requirements without fail. We also count on you to help us provide a better academic paper.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2020 at 10:52 AM
Total price:
$26
The price is based on these factors:
Customer Academic level
Number of pages required
Urgency of paper