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Job 3 $2,640 $29,530 $41,700 $29,190 $103,060 Job 5 $1,170 $21,790 $33,500 $23,450 $79,910 Total $6,820 $70,130 $109,710 $76,797 Job 1 Job 7 $3,010 $13,600 $23,600 $16,520 $56,730 Beg. Work in Process Inv Direct materials $5,210 $10,910 $7,637 $23,757 Direct labor Applied Overhead Total Job Cost a. Jobs 1, 3, and 7 were completed. Job 3 was sold for $163,000 cash and Job 5 was not completed. Prepare journal entries to record costs added this period (direct materials, direct labor, applied overhead), jobs completed, and jobs sold. Account Name DEBIT CREDIT

Job 3 $2,640 $29,530 $41,700 $29,190 $103,060 Job 5 $1,170 $21,790 $33,500 $23,450 $79,910 Total $6,820 $70,130 $109,710 $76,797 Job 1 Job 7 $3,010 $13,600 $23,600 $16,520 $56,730 Beg. Work in Process Inv Direct materials $5,210 $10,910 $7,637 $23,757 Direct labor Applied Overhead Total Job Cost a. Jobs 1, 3, and 7 were completed. Job 3 was sold for $163,000 cash and Job 5 was not completed. Prepare journal entries to record costs added this period (direct materials, direct labor, applied overhead), jobs completed, and jobs sold. Account Name DEBIT CREDIT

FINANCIAL ACCOUNTING
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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Please answer a and b complete

Q2: Jobs Today uses Job Costing and had the following data for its jobs: Total $6,820 $70,130 $109,710 $76,797 Job 1 Job 3 Job 5 Job 7 $3,010 $13,600 $23,600 Beg. Work in Process Inv $2,640 $29,530 $41,700 $29,190 $103,060 $1,170 $21,790 $33,500 $23,450 $79,910 $5,210 $10,910 $7,637 $23,757 Direct materials Direct labor Applied Overhead Total Job Cost $16,520 $56,730 a. Jobs 1, 3, and 7 were completed. Job 3 was sold for $163,000 cash and Job 5 was not completed. Prepare journal entries to record costs added this period (direct materials, direct labor, applied overhead), jobs completed, and jobs sold. Account Name DEBIT CREDIT b. Using the job cost sheet table and your journal entries, answer the following questions: Ending Work in Process Inv contains which job (or jobs) and what amount? Ending Finished Goods Inv contains which job (or jobs) and what amount? Cost of Goods Sold contains which job (or jobs) and what amount? How much gross profit was earned on Job A3?
Transcribed Image Text:Q2: Jobs Today uses Job Costing and had the following data for its jobs: Total $6,820 $70,130 $109,710 $76,797 Job 1 Job 3 Job 5 Job 7 $3,010 $13,600 $23,600 Beg. Work in Process Inv $2,640 $29,530 $41,700 $29,190 $103,060 $1,170 $21,790 $33,500 $23,450 $79,910 $5,210 $10,910 $7,637 $23,757 Direct materials Direct labor Applied Overhead Total Job Cost $16,520 $56,730 a. Jobs 1, 3, and 7 were completed. Job 3 was sold for $163,000 cash and Job 5 was not completed. Prepare journal entries to record costs added this period (direct materials, direct labor, applied overhead), jobs completed, and jobs sold. Account Name DEBIT CREDIT b. Using the job cost sheet table and your journal entries, answer the following questions: Ending Work in Process Inv contains which job (or jobs) and what amount? Ending Finished Goods Inv contains which job (or jobs) and what amount? Cost of Goods Sold contains which job (or jobs) and what amount? How much gross profit was earned on Job A3?
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