Record completion and sale of jobs (Learning Objective SJ September production generated the following activity in Digital Connection’s Work in Process Inventory:

Completed production in September, not yet recorded; consists of Jobs B-78 and G-65, with total costs of $41,000 and $37,000, respectively.
Requirements 1. Compute the balance of Work in Process Inventory at September 30.
2. Prepare the journal entry for the production completed in September.
3. Prepare the journal entry to record the sale (on credit) of Job G-65 for $45,000. Assume a perpetual inventory system.
4. What is the gross profit of Job G-65? What other costs must this gross profit cover?

Transcribed Image Text:

Work in Process Inventory September 1 Bal. 16,000 Direct materials used 29,000 Direct labor assigned to jobs 32,000 Manufacturing overhead allocated to jobs 12,000