Question

Entry for Jobs Completed; Cost of Unfinished Jobs

The following account appears in the ledger prior to recognizing the jobs completed in August:

	Work in Process
Balance, August 1	$17,850
Direct materials	145,120
Direct labor	156,540
Factory overhead	82,290

Jobs finished during August are summarized as follows:

Job 210	$72,320
Job 216	44,200
Job 224	84,380
Job 230	156,700

a. Journalize the entry to record the jobs completed.

		fill in the blank 21f1d806cff002a_2
			fill in the blank 21f1d806cff002a_4

b. Determine the cost of the unfinished jobs at August 31.
$fill in the blank 92d95afdbfe1f80_1

Answer 1

Solution

Calculation of amount of total jobs completed:	Amount $
Job 210	72,320
Job 224	84,380
Job 216	44,200
Job 230	156,700
Cost of completed jobs	357,600
Answer a
Journal Entry
Account	Debit $	Credit $
Finished Goods	357,600
Work In Process		357,600
Calculation of work in process	Amount $
Balance at August 1	17,850
Direct Materials	145,120
Direct Labor	156,540
Factory Overhead	82,290
Balance in work in process	401,800
Answer b	Amount $
Balance in work in process	401,800
Less: Cost of completed jobs	357,600
Cost of unfinished jobs on August 31	44,200

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