Before the completed production for August is recorded, the work in process inventory account for Bayfield Company appears as follows Assume that completed production for August includes Jobs 317, 318, and 319 with total costs of ($31,000 ), ($18,000 ), and ($29,000 ), respectively a Determine the ...

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Before the completed production for August is recorded, the work-in-process inventory account for Bayfield Company appears as

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Before the completed production for August is recorded, the work-in-process inventory account for Bayfield Company appears as follows:

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Assume that completed production for August includes Jobs 317, 318, and 319 with total costs of $$31,000$, $$18,000$, and $$29,000$, respectively.

a. Determine the cost of unfinished jobs at August 31 and prepare a journal entry to record completed production.

b. Using general journal entries, record the sale of Job 317 for $$45,000$ on account.

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Managerial Accounting For Undergraduates

ISBN: 9780357499948

2nd Edition

Authors: James Wallace, Scott Hobson, Theodore Christensen

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Question Posted: May 19, 2024 02:00 AM

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Before the completed production for August is recorded, the work-in-process inventory account for Bayfield Company appears as

Question:

Work-in-Process Inventory Balance, August 1 17,000 Direct materials... 33,000 Direct labor... 20,000 Manufacturing overhead applied 20,000

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Managerial Accounting For Undergraduates

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