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Hi,[ I do not know how to finalize this journal entry. Jan.31: Balance soft the inventories accounts: Finished Goods=74,000 Credit Work-in-Process - Spinning = 28,000
Hi,[
I do not know how to finalize this journal entry.
Jan.31: Balance soft the inventories accounts: Finished Goods=74,000
Credit Work-in-Process - Spinning = 28,000
WorkinProcessTufting= 31,300
Materials = 46,500
Factory Overhead Accounts Balances: Spinning 1,000
(Debit) Tufting 3,000 (Credit)
Explanation: a) Data and Calculations: January1 Inventories:
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