Question

June production generated the following activity in Bentley Chassis Company's Work-in-Process Inventory account: (Click the icon to view the activity.) Additionally, Bentley has completed Jobs 142 and 143, with total costs of $38,000 and $45,000, respectively. Read the requirements.

Added requirements ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ The first icon is the Data Table at the bottom of the question

Options for above boxes are "Beg Bal." for the top left and top right boxes and "Bal." for the bottom left and bottom right boxes.

Between them, vertically, the options for the boxes are "Direct labor assigned to jobs", "Direct materials purchased", "Direct materials used", "Jobs 142 and 143 complete", "Labor incurred", and "MOH allocated to jobs".

The 2 columns in the middle are for number entry.

Answer 1

1.

Date	Accounts	Debit	Credit
June	Finished goods inventory ($38,000+45,000)	$83,000
	Work in process inventory		$83,000

2.

Work in process
Beg.Bal.	$32,000	$83,000	Jobs 142 and 143 complete
Direct material used	28,000
Direct labor assigned to Jobs	50,000
MOH allocated to Jobs	40,000
Bal.	$67,000

Ending work in process inventory = $67,000

3.

Date	Accounts	Debit	Credit
June	Accounts receivable	$52,000
	Sales		$52,000
June	Cost of goods sold (Job 143)	$45,000
	Finished goods inventory		$45,000

4.

Gross profit on Job 143 = Sales - Cost of goods sold

Gross profit on Job 143 = $52,000 - 45,000 = $7,000