The following account appears in the ledger prior to recognizing the jobs completed in January:

	Work in Process
Balance, January 1	$ 63,300
Direct materials	349,700
Direct labor	457,400
Factory overhead	226,700

Jobs finished during January are summarized as follows:

Job 210	$182,500
Job 216	238,250
Job 224	157,300
Job 230	349,550

Required:

A.	Journalize the entry on Jan. 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 January 31.

Chart of Accounts

CHART OF ACCOUNTS

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable
125	Notes Receivable
126	Interest Receivable
131	Materials
132	Work in Process
133	Factory Overhead
134	Finished Goods
141	Supplies
142	Prepaid Insurance
143	Prepaid Expenses
181	Land
191	Factory
192	Accumulated Depreciation-Factory

	LIABILITIES
210	Accounts Payable
221	Utilities Payable
231	Notes Payable
236	Interest Payable
241	Lease Payable
251	Wages Payable
252	Consultant Fees Payable

	EQUITY
311	Common Stock
340	Retained Earnings
351	Dividends
390	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
520	Wages Expense
531	Selling Expenses
532	Insurance Expense
533	Utilities Expense
534	Office Supplies Expense
540	Administrative Expenses
560	Depreciation Expense-Factory
590	Miscellaneous Expense
710	Interest Expense

Journal

A. Journalize the entry on Jan. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2

Final Question

B. Determine the cost of the unfinished jobs at January 31.