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