Jay Jay Inc. worked on 4 jobs during the current accounting period. The beginning balance of work-in-process inventory was $28,600. The total manufacturing costs incurred during the period included direct material costs of $27,000, direct labor costs of $25,000 and applied manufacturing overhead of $35,000. 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 $25,800. The journal entry to record the completion of the three jobs include: Group of answer choices Debit $82,600 to Finished goods inventory and Credit $82,600 to Work-in-process inventory Debit $89,800 to Costs of goods sold and Credit $89,800 to Work-in-process inventory Debit $82,600 to Finished goods inventory and Credit $82,600 to Manufacturing costs Debit $89,800 to Finished goods inventory and Credit $89,800 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 $28,600. The total manufacturing costs incurred during the period included direct material costs of $27,000, direct labor costs of $25,000 and applied manufacturing overhead of $35,000. 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 $25,800. The journal entry to record the completion of the three jobs include: Group of answer choices Debit $82,600 to Finished goods inventory and Credit $82,600 to Work-in-process inventory Debit $89,800 to Costs of goods sold and Credit $89,800 to Work-in-process inventory Debit $82,600 to Finished goods inventory and Credit $82,600 to Manufacturing costs Debit $89,800 to Finished goods inventory and Credit $89,800 to Work-in-process inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Jay Jay Inc. worked on 4 jobs during the current accounting period. The beginning balance of work-in-process inventory was $28,600. The total
The
Group of answer choices
Debit $82,600 to Finished goods inventory and Credit $82,600 to Work-in-process inventory
Debit $89,800 to Costs of goods sold and Credit $89,800 to Work-in-process inventory
Debit $82,600 to Finished goods inventory and Credit $82,600 to Manufacturing costs
Debit $89,800 to Finished goods inventory and Credit $89,800 to Work-in-process inventory
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