Question

how do i find cost of goods sold and finished goods inventory

omework: CH17 ore: 0.8 of 1 pt 6 of 7 (7 complete) E17-22 (similar to) ane production generated the following activity in Four Wheel Chassis Company's Work in Process Inventory account (Click the loon to view the activity.) additionally, Four Wheel has completed Jobs 142 and 143, with total costs of $36,000 and $46,000, respectively Cead the requirements Requirement 2. AT-account for Work in Process Inventory has been opened for you. Enter the beginning balance "Beg. Bal." on the first line of the T-aco Requirement 1, using the appropriate descriptions as posting references. Compute the ending balance "Bal." in the Work in Process Inventory account on 22.000 Work-in-Process Inventory Beg. Bal. Direct materials used 34,000 Direct labor assigned to jobs 40,000 MOH allocated to jobs 20.000 82,000 Jobs 142 and 143 completed Bal 34.000 Requirement 3. Prepare the journal entry to record the sale on account of Job 143 for $58,000. Also, prepare the journal entry to record Cost of Goods Sold fe Record debits first, then credits Exclude explanations from any journal entries.) Begin by preparing the entry to record the sale on account. Do not record the cost of the sale with this entry. We will do that separately in the following step. RE A ccounts Debit Credit June Accounts Receivable TERESSE 5 58,000 8,000 Date Sales Revenue 58.000 Now prepare the journal entry to record Cost of Goods Sold for Job 143 June Accounts Cost of Goods Sold Finished Goods Inventory Credit Choose from any list or enter any number in the

Answer 1

As given in the question that the cost required to complete the job 143 is 46000

entry will be as

cost of goods sold 46000

To finished goods inventory 46000