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Instructions: The following account appears in the ledger prior to recognizing the jobs completed in August: Work in Process Balance, August 1 $ 60,000 Direct
Instructions:
The following account appears in the ledger prior to recognizing the jobs completed in August:
| Work in Process | |
|---|---|
| Balance, August 1 | $ 60,000 |
| Direct materials | 325,000 |
| Direct labor | 462,000 |
| Factory overhead | 210,000 |
Jobs finished during August are summarized as follows:
| Job 210 | $197,800 |
| Job 216 | 240,000 |
| Job 224 | 160,000 |
| Job 230 | 364,000 |
Required:
| A. | Journalize the entry on Aug. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles. |
| B. | Determine the cost of the unfinished jobs at August 31. |
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Merchandising Math A Managerial Approach
Authors: Doris Kincade, Fay Gibson, Ginger Woodard
1st Edition
0130995886, 978-0130995889
