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Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior...

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 $17,920
Direct materials 145,690
Direct labor 157,160
Factory overhead 82,610

Jobs finished during August are summarized as follows:

Job 210 $72,610
Job 216 44,370
Job 224 84,710
Job 230 149,250

a. Journalize the entry to record the jobs completed.

b. Determine the cost of the unfinished jobs at August 31.
$

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Homework Answers

Answer #1

A) Journal entry to record the jobs completed.

Date Account Title And Explanation Debit Credit
Aug , 31 Job 210 $72,610
Job 216 $44,370
Job 224 $84,710
Job 230 $149,250
        Work in process $350,940
(Being jobs completed recorded)

B) Cost of unfinished jobs at August 31.

Particulars Amount
Opening work in process $17,920
Add: Direct material $145,690
Add: Direct labor $157,160
Add: Factory overheads $82,610
Less: Jobs completed ($72610 + $44370 + $84710 + $149250) ($350,940)
Cost of unfinished jobs $52,440
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