iv) What is balance on the Cost of Goods Sold account after the adjustmentv) Calculate the gross profit earned by Harriott on the jobs completed.vi) Determine the balance in work in process inventory on November 30 Discussion Question Job Costing IThe Harriott manufacturing company uses job order costing system. The company uses machinehours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020.The following activities took place in the work in process inventory during February:WIP Inventory A/CNovember 1 Bal. b/fDirect Materials Used$51,250256,400Other transactions incurred:• Indirect material issued to production was $40,360• Total manufacturing labour incurred in November was $368,000, 75% of this amountrepresented direct labour.• Other manufacturing overhead costs incurred for November amounted to $340,490.• Two jobs were completed with total costs of $384,000 & $270,000 respectively. They weresold on account at a margin of 33½% on sales.

Job costing is a method of accounting for costs that is generally used by the firms involved in…

iv) What is balance on the Cost of Goods Sold account after the adjustment v) Calculate the gross profit earned by Harriott on the jobs completed. vi) Determine the balance in work in process inventory on November 30

iv) What is balance on the Cost of Goods Sold account after the adjustment v) Calculate the gross profit earned by Harriott on the jobs completed. vi) Determine the balance in work in process inventory on November 30

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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Hello Please provide the journal enty for H.