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The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 $ 58,750 Direct materials
The following account appears in the ledger prior to recognizing the jobs completed in January:
Work in Process | |
Balance, January 1 | $ 58,750 |
Direct materials | 319,000 |
Direct labor | 505,750 |
Factory overhead | 212,250 |
Jobs finished during January 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 Jan. 31 to record the jobs completed. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. | |
b. Determine the cost of the unfinished jobs at January 31. |
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