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June production generated the following activity in Bentley Chassis Company's Work-in-Process Inventory account: (Click the icon to view the activity) Additionally, Bentley has completed
June production generated the following activity in Bentley Chassis Company's Work-in-Process Inventory account: (Click the icon to view the activity) Additionally, Bentley has completed Jobs 142 and 143, with total costs of $42,000 and $44,000, respectively. Read the 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 $52,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143. 4. What is the gross profit on Job 143? Data table June 1 balance $ 24,000 Direct materials used 40,000 Direct labor assigned to jobs 50,000 Manufacturing overhead allocated to jobs 35,000 Print Done
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