Score: 0 of 2 pts 2 of 4 (2 complete) ? HW Scor E17-22 (similar to) June product

Question

Score: 0 of 2 pts 2 of 4 (2 complete) ? HW Scor E17-22 (similar to) June production generated the following activity in Axle Chassis Company's Work-in-Process Inventory account ?(Click the icon to view the activity.) Additionally, Axle has completed Jobs 142 and 143, with total costs of $44,000 and $46,000, 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 firs Exclude explanations from any journal entries.) Date Accounts Debit Credit June 77000 77000

Explanation / Answer

Journal Entry for production completed in june Date Acounts Debit Credit June finished goods inventory 90000 Work in process inventory 90,000 (44000+46000) 2) work in process inventory opening balance 22,000 finished goods 90,000 Direct materials 32,000 direct labor 42,000 overhead applied 25,200 Ending Bal 31,200 3) Date Acounts Debit Credit June Account receivable 58,000 Sales revenue 58,000 cost of goods sold 46,000 finished goods inventory 46,000 4) Gross profit on Job 143 sales 58,000 less: cost of goods sold 46,000 Gross profit on Job 143 12,000

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