Question

the journal entry for production completed in June. (Prepare a single journal entry for this Exclude explanations from any journal entries.) Data Table X edit $ June 1 balance Direct materials used Direct labor assigned to jobs Manufacturing overhead allocated to jobs 22,000 34,000 43,000 25,800 Print Print Done Done st or enter any number in the input fields and then click Check Answer

Answer 1

1	Date	Accounts					Debit	Credit
	June	Finished goods inventory			(50000+44000)		94000
		Work in process inventory						94000
		(Production completed)
2			Work in process
				Debit				Credit
	June 1 balance			22000	Jobs completed			94000
	Direct materials used			34000
	Direct labor assigned to jobs			43000
	Manufacturing OH allocated			25800
				124800				94000
	June 30 balance			30800
3	Date	Accounts					Debit	Credit
	June	Accounts receivable					61000
		Sales revenue						61000
		(Sales on account)
		Cost of goods sold					44000
		Finished goods inventory						44000
		(Cost of goods sold recorded)
4	Gross profit=Sales revenue-Cost of goods sold=61000-44000=$ 17000