%24 Crane Company begins operations on July 1, 2022. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job No. July August September $9,840 $7,216 7,954 59,840 102 4,100 104 4,756 5,740 Job 102 was completed in July. Job 100 waS completed in August, and Jobs 101 and 103 were completed in September. Each job wa5 sold for 60% above its cost in the month following comnpletion, (e) Compute the balance in Work in Process Inventory at the end of July. Balance in Work in Process Inventory eTextbook and Media Attempts: 0 of 3used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.

%24 Crane Company begins operations on July 1, 2022. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job No. July August September $9,840 $7,216 7,954 59,840 102 4,100 104 4,756 5,740 Job 102 was completed in July. Job 100 waS completed in August, and Jobs 101 and 103 were completed in September. Each job wa5 sold for 60% above its cost in the month following comnpletion, (e) Compute the balance in Work in Process Inventory at the end of July. Balance in Work in Process Inventory eTextbook and Media Attempts: 0 of 3used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.

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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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800