Jay Jay Inc. worked on 4 jobs during the current accounting period. The beginning balance of work-in-process inventory was $26,800. The total manufacturing costs incurred during the period amounted to $84,300. Three jobs were completed during the period. The costs of the incomplete job remaining in the WIP inventory account at the end of the period was $28,500. The journal entry to record the completion of the three jobs includes which of the following? Group of answer choices Debit $82,600 to Finished goods inventory and Credit $82,600 to Work-in-process inventory Debit $82,600 to Finished goods inventory and Credit $82,600 to Manufacturing costs Debit $86,000 to Costs of goods sold and Credit $86,000 to Work-in-process inventory Debit $86,000 to Finished goods inventory and Credit $86,000 to Work-in-process inventory
Jay Jay Inc. worked on 4 jobs during the current accounting period. The beginning balance of work-in-process inventory was $26,800. The total manufacturing costs incurred during the period amounted to $84,300. Three jobs were completed during the period. The costs of the incomplete job remaining in the WIP inventory account at the end of the period was $28,500. The journal entry to record the completion of the three jobs includes which of the following? Group of answer choices Debit $82,600 to Finished goods inventory and Credit $82,600 to Work-in-process inventory Debit $82,600 to Finished goods inventory and Credit $82,600 to Manufacturing costs Debit $86,000 to Costs of goods sold and Credit $86,000 to Work-in-process inventory Debit $86,000 to Finished goods inventory and Credit $86,000 to Work-in-process inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Jay Jay Inc. worked on 4 jobs during the current accounting period. The beginning balance of work-in-process inventory was $26,800. The total manufacturing costs incurred during the period amounted to $84,300. Three jobs were completed during the period. The costs of the incomplete job remaining in the WIP inventory account at the end of the period was $28,500. The journal entry to record the completion of the three jobs includes which of the following?
Group of answer choices
Debit $82,600 to Finished goods inventory and Credit $82,600 to Work-in-process inventory
Debit $82,600 to Finished goods inventory and Credit $82,600 to Manufacturing costs
Debit $86,000 to Costs of goods sold and Credit $86,000 to Work-in-process inventory
Debit $86,000 to Finished goods inventory and Credit $86,000 to Work-in-process inventory
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