Question
Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in
Entry for Jobs Completed; Cost of Unfinished Jobs
The following account appears in the ledger prior to recognizing the jobs completed in January:
| Work in Process | ||
| Balance, January 1 | $13,160 | |
| Direct materials | 106,990 | |
| Direct labor | 115,410 | |
| Factory overhead | 60,670 | |
Jobs finished during January are summarized as follows:
| Job 210 | $53,320 |
| Job 216 | 32,590 |
| Job 224 | 62,210 |
| Job 230 | 115,530 |
a. Journalize the entry to record the jobs completed.
b. Determine the cost of the unfinished jobs at January 31. $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Auditing Theory And Practice
Authors: Roger H. Hermanson
1st Edition
0256023301, 978-0256023305
