Finished Goods and Cost of Goods Sold Before the completed production for June is recorded, the work in process inventory account for James Company appears as follows: Work in Process Inventory Balance June 1 $40,000 Direct material 112.500 Direct labor 80,000 Manufacturing overhead applied 85,000 Assume that completed production for June includes Jobs 107, 108, and 109 with total costs of $70,000, $147,500, and $62,500, respectively. a. Determine the cost of unfinished jobs at June 30 and prepare a journal entry to record completed production. Work in process balance as of June 30 $ 17,000 X General Journal Description Debit Credit Finished goods inventory 71,000 x 0 Work in process inventory 0 71,000 X b. Using general journal entries, record the sale of Job 107 for $100,000 on account. General Journal Description Debit Credit Cost of goods sold 31,000 X 0 Finished goods inventory O 31.000 x To transfer cost to expense. Accounts receivable 45,000 X 0 Sales 0 45,000 X To record sale of job 107