Inventory has a debit balance of $48,700

Cost of inventory items:

Item 1001: 180 at $50

Item 1002: 200 at $80

Item 1003: 140 at $95

Item 1004: 52 at $200

Record the follwoing adjusting entries-

1.) The special order for K. Atkinson is 50% complete. (Cost of Goods Sold used to date = item 1002: 2 at $80 and item 1004: 1 at $200)

2.) You are working on a special order for T Courtway that is 80% complete. When done, you will charge $800 to customer. (Cost of Goods Sold = item1001: 1 at $50 and item1004: 1 at $200)