Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
i want answer in 10min otherwise skip June production generated the following activity in Bentley Chassis Companys Work-in-Process Inventory account. Additionally Bentley Chassis has completed
i want answer in 10min otherwise skip June production generated the following activity in Bentley Chassis Companys Work-in-Process Inventory account. Additionally Bentley Chassis has completed Jobs 142 and 143, with total costs of $37,000 and $48,000 respectively. Requirements: 1.Prepare the journal entry for production completed in June. 2.Open a T-account for Work-in-Process Inventory Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventory account on June 30. 3.Prepare the journal entry to record the sale on account of Job 143 for $63,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143. 4. What is the gross profit on job 143? June 1 balance $ 36,000 Direct materials used 32,000 Direct labor assigned to jobs 40,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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