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i need help answering this i try but I'm stuck Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory
i need help answering this i try but I'm stuck
Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for November and December. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Record November's entry first. Now record December's entry. Requirement 4. Record the sale of Job 3 for $2,200 on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First, record the revenue related to the sale of job 3 on account. Now record the cost of goods sold for Job 3 . Requirement 5. What is the gross profit for Job 3 ? Compute gross profit for Job 3 . Gross profit 1. Which type of costing system is White using? What piece of data did you base your answer on? 2. Use the dates in the table to identify the status of each job at November 30 and December 31. Compute White's account balances at November 30 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. Compute, by job, account balances at December 31 for Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold. 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for November and December. 4. Record the sale of Job 3 for $2,200 on account. Now record Dect Adjusted MOH for underallocated overhead. Allocated overhead to WIP. Completed jobs, costs assigned to FG. Incurred labor, direct labor assigned to WIP, indirect labor accumulated in MOH. Requirement 4. line of the journa Incurred overhead, costs accumulated in MOH. First, record the Purchased materials, accumulated in RM. Sold jobs, costs assigned to COGS. Sold jobs on account. Used materials, direct materials assigned to WIP, indirect materials accumulated in MOH Now record the cost of goods sold for Job 3Step by Step Solution
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