Question

In March, Vaughn Company completes its only two jobs in process, Jobs 10 and 11. Job 10 cost $26,300 and Job 11 $36,800. On MIn March, Vaughn Company completes its only two jobs in process, Jobs 10 and 11. Job 10 cost $26,300 and Job 11 $36,800. On M

Posted twice to show complete table. there is no manufacturing cost, labour, factory cost etc provided

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Answer #1
Work in process inventory Finished goods Inventory Cost of goods sold
Completion of jobs :
Job 10 -23600 23600
Job 11 -36800 36800
Balance -60400 60400
Jobs sold :
Job 10 0 -23600 23600
Balance -23600 23600
After the sale of Job 10 , Finished goods balance is $ 36800.
Note : Please refer below movement to understand the flow of journal entries during the Job completion and sale process
1. Transfer of Raw material , factory labour and manufacturing overhead to Work in process
Account Debit Credit
Work in process inventory XXX
Raw materials inventory XXX
Direct labor cost XXX
Manufacturing overhead XXX

2. Transfer of Work in process inventory to Finished goods

Account Debit Credit
Finished goods inventory XXX
Work in process inventory XXX

3. Transfer of finished gods to Cost of goods sold

Account Debit Credit
Cost of goods sold XXX
Finished goods XXX
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