ook Show Me How Calculator The tolilowing account appears in the ledger prior to

Question

ook Show Me How Calculator The tolilowing account appears in the ledger prior to recognizing the jobs completed in August Work in Process Balance, August 1 Direct materials Direct labor Factory overhead $ 56,950 305,200 458,800 201,950 Jobs finished during August are summarized as follows: Job 210 $204,250 Job 216 228,450 Job 224 145,350 Job 230 336,800 Required: A Journalize the entry on Aug 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account ites B. Determine the cost of the unfinished jobs at August 31 Chart of Accounts Check My Work All work saved. Email l

Explanation / Answer

1) entry to the cord jobs completed :-

Finished goods ( Debit ) $914850

Work in process ( Credit ) $914850

$914850 is total of ( Job 210 + job 216 + job 224 + job 230 )

2) cost of unfinished goods :-

Balance August 1, = $56950

Direct material. =. $305200

Direct labor . =. $458800

Factory overhead .= . $201950

Total = . $1022900

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