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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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