Seattle Manufacturing Co. obtained the following information from its records for July:

Required:
1. Prepare, in summary form, the journal entries that would have been made during the month to record the distribution of materials, labor, and overhead costs; the completion of the jobs; and the sale of the jobs.
2. Prepare schedules showing the gross profit or loss for July for the following:
a. The business as a whole.
b. Each job completed and sold.
c. Each unit manufactured and sold. (Round to the nearestcent.)

Transcribed Image Text:

Jobs Completed and Sold 411 15,000 60,000 40,000 312 510 Direct materials cost..25,000 $ 29,000 55,000 63,000 14,000 $175,250 Factory overhead Units manufactured ..50,000 10,000 5,000 $152,000 $120,000