Sunland Company completed job 45 at a cost of $43735 and later sold it for $89990...
Sunland Company completed job 45 at a cost of $43735 and later sold it for $89990 cash. Which one of the following is one effect of selling the job?
|
debit Finished Goods Inventory $89990 |
|
credit Finished Goods Inventory $43735 |
|
credit Finished Goods Inventory $89990 |
|
debit Finished Goods Inventory $43735 |
Homework Answers
Finished goods inventory will be recorded at cost. When material becomes finished good, then following journal entry is recorded in books
Finished goods inventory Dr $ 43735
To work in process inventory $ 43735
Journal entry to record sale of goods
1. Cost of goods sold Dr $ 43735
To finished goods inventory $ 43735
2. Cash A/c Dr $ 89990
To sales a/c $ 89990
So option 2 - credit finished goods inventory $ 43735 is correct.
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Sunland Company completed job 45 at a cost of $43735 and later
sold it for $89990...
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$15,000
Direct material
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Direct labor
20,000
Manufacturing overhead applied
20,000
Assume that completed production for August includes Jobs 317,
318, and 319 with total costs of $31,000, $18,000, and $22,000,
respectively.
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Sunland, Inc. manufactures ergonomically designed computer
furniture. Sunland uses a job order costing system. On November 30,
the Work in Process Inventory consisted of the following
jobs:
Job No.
Item
Units
Accumulated
Cost
CC723
Computer caddy
24,000
$900,000
CH291
Chair
15,000
435,000
PS812
Printer stand
30,000
285,000
$1,620,000
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Sunland applies manufacturing overhead on the basis of machine
hours. The company’s manufacturing overhead budget...
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