Question
Instructions: The following account appears in the ledger prior to recognizing the jobs completed in August: Balance, August 1 $ 60,000 Direct materials 325,000 Direct
Instructions:
The following account appears in the ledger prior to recognizing the jobs completed in August:
| 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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Forensic Accounting And Fraud Examination
Authors: Paul Barnes
1st Edition
1118454138, 978-1118454152
