June production generated the following activity in Van Day Chassis Company's Work-in-Process Inventory account (Click the icon to view the activity.) Additionally, Van Day has completed Jobs 142 and 143, with total costs of $50,000 and $37,000, respectively. Read the requirements Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries. Check your spelling carefully and do not abbreviate.) Date Accounts Debit Credit June Requirement 1, using the Requirement 2. A T-account for Work-in-Process Inventory has been opened for you. Enter the beginning balance "Beg. Bal." on the first line of the T-account. Post the June activity, including the journal entry made appropriate descriptions as posting references. Compute the ending balance "Bal." in the Work-in-Process Inventory account on June 30. (Abbreviation used: MOH = manufacturing overhead.) Work-in-Process Inventory Requirement 3. Prepare the journal entry to record the sale on account of Job 143 for $46.000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries. Check your spelling carefully and do not abbreviate.) Begin by preparing the entry to record the sale on account. Do not record the cost of the sale with this entry. We will do that separately in the following step. Requirement 3. Prepare the journal entry to record the sale on account of Job 143 for $46,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries. Check your spelling carefully and do not abbreviate.) Begin by preparing the entry to record the sale on account. Do not record the cost of the sale with this entry. We will do that separately in the following step. Date Accounts Debit Credit June Now prepare the journal entry to record Cost of Goods Sold for Job 143. Date Accounts Debit Credit June Requirement 4. What is the gross profit on Job 143? The gross profit on Job 143 is - X Requirements Data Table lal e uirem its. E n by June 1 balance $ Datel 25,000 40,000 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 $46,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143. 4. What is the gross profit on Job 143? Direct materials used Direct labor assigned to jobs Manufacturing overhead allocated to jobs June 30,000 15,000 prepa Print Done Date Print Done June
