1. Journalize the entries to record the transactions indentified below. 2. Determine the account balances for Work in Process and Finished Goods. 3. Prepare a schedule of unfinished jobs to support the balance in the Work in Process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the Finished Goods account.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journal Entries

1a

1b

1c

1d

1e

1f

1g

Computation of the cost of jobs finished:

Customers were billed:

Cost of Jobs Sold:

2. Work in Progress Inventory

Finished Goods Inventory

3. Schedule of Unfinished Jobs

4. Schedule of Completed Jobs

 

Instructions
1.
Journalize the entries to record the transactions indentified below.
2.
Determine the account balances for Work in Process and Finished Goods.
3.
Prepare a schedule of unfinished jobs to support the balance in
the Work in Process account.
4.
Prepare a schedule of completed jobs on hand to support the
balance in the Finished Goods account.
a.
Materials purchased on account
60,000
Material
Factory
Factory
Labor
Overhead
b.
Job #100
5000
2500
Job #101
4000
2000
Job #102
3500
1750
Job #103
2500
1250
Job #104
1000
500
Job #105
1500
750
For general factory use
1800
900
С.
Factory overhead costs incurred
10000
d.
Depreciation of machinery
Factory overhead applied as a percent of of direct
8000
е.
labor cost
50%
f.
Jobs completed 100, 101, 102, and 104
g.
Jobs 100, 101, 102 were shipped
Customers were billed
Job #100
12000
Job #101
13000
Job #102
14000
Transcribed Image Text:Instructions 1. Journalize the entries to record the transactions indentified below. 2. Determine the account balances for Work in Process and Finished Goods. 3. Prepare a schedule of unfinished jobs to support the balance in the Work in Process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the Finished Goods account. a. Materials purchased on account 60,000 Material Factory Factory Labor Overhead b. Job #100 5000 2500 Job #101 4000 2000 Job #102 3500 1750 Job #103 2500 1250 Job #104 1000 500 Job #105 1500 750 For general factory use 1800 900 С. Factory overhead costs incurred 10000 d. Depreciation of machinery Factory overhead applied as a percent of of direct 8000 е. labor cost 50% f. Jobs completed 100, 101, 102, and 104 g. Jobs 100, 101, 102 were shipped Customers were billed Job #100 12000 Job #101 13000 Job #102 14000
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