Question

Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process $85,800 Balance, January 1 Direct materials Direct labor 115,000 140,000 296,200 Factory overhead Jobs finished during January are summarized as follows: Job 210 $182,500 Job 216 78,300 Job 224 Job 230 $232,190 67,250 ) a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. b. Determine the cost of the unfinished jobs at January 31.

Answer 1

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Calculation of amount of total jobs completed:	Amount $
Job 210	182,500.00
Job 224	232,190.00
Job 216	78,300.00
Job 230	67,250.00
Cost of completed jobs	560,240.00
Answer a
Journal Entry
Account	Debit $	Credit $
Finished Goods	560,240.00
Work In Process		560,240.00
Calculation of work in process	Amount $
Balance at January 1	85,800.00
Direct Materials	115,000.00
Direct Labor	140,000.00
Factory Overhead	296,200.00
Balance in work in process	637,000.00
Answer b	Amount $
Balance in work in process	637,000.00
Less: Cost of completed jobs	560,240.00
Cost of unfinished jobs on January 31	76,760.00