Question
The following account appears in the ledger prior to recognizing the jobs completed in August: Work in Process Balance, August 1 $ 58,750 Direct materials
The following account appears in the ledger prior to recognizing the jobs completed in August:
| Work in Process | |
|---|---|
| Balance, August 1 | $ 58,750 |
| Direct materials | 319,000 |
| Direct labor | 505,750 |
| Factory overhead | 212,250 |
Jobs finished during August are summarized as follows:
| Job 210 | $198,000 |
| Job 216 | 224,150 |
| Job 224 | 149,600 |
| Job 230 | 353,800 |
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. A. Journalize the entry on Aug. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL
|
B. Determine the cost of the unfinished jobs at August 31.
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Auditing Philosophy And Technique
Authors: John William Cook
1st Edition
039520660X, 978-0395206607
