Curtis Corporation finished job no. 314 on June 1. On June 10, the company sold job no.

Question:

Curtis Corporation finished job no. 314 on June 1. On June 10, the company sold job no. 314 for $10,000 cash. Total manufacturing costs allocated to this job at the time of the sale amounted to $7,000.

a. Record the transfer of job no. 314 from Work in Process to Finished Goods on June 1.

b. Record the sale of job no. 314, and the transfer of its costs from Finished Goods, on June 10.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...