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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. |
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