(L. OBJ. 2, 3, 4) Using the Work in process inventory account [15-20 min] April product...

(L. OBJ. 2, 3, 4) Using the Work in process inventory account [15-20 min]

April production generated the following activity in Premier Chassis Company's Work in process inventory account:

Additionally, Premier completed production, but has not recorded jobs 142 and 143, with total costs of $37,000 and $35,000, respectively.

Requirements

1. Compute the cost of work in process at April 30.

2. Prepare the journal entry for production completed in April.

3. Prepare the journal entry to record the sale (on credit) of Job 143 for $45,000. Also, make the Cost of goods sold entry.

4. What is the gross profit on Job 143? What other costs must gross profit cover?