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June production generated the following activity in Bentley Chassis Company's Work-in-Process Inventory account: E (Click the icon to view the activity.) Additionally, Bentley has completed Jobs 142 and 143, with total costs of $37,000 and $48,000, respectively. Read the requirements. Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit June Data Table June 1 balance $ 36,000 Direct materials used 32,000 Requirements Direct labor assigned to jobs 40,000 Manufacturing overhead allocated to jobs 28,000 1. Prepare the journal entry for production completed in June. 2. Open a T-account for Work-in-Process Inventory. Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Print Done Inventory account on June 30. 3. Prepare the journal entry to record the sale on account of Job 143 for $63,000. Also, prepare the journal entry to record Cost of Goods Sold for Job Cho 143. 4. What is the gross profit on Job 143? Clear All

June production generated the following activity in Bentley Chassis Company's Work-in-Process Inventory account: E (Click the icon to view the activity.) Additionally, Bentley has completed Jobs 142 and 143, with total costs of $37,000 and $48,000, respectively. Read the requirements. Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit June Data Table June 1 balance $ 36,000 Direct materials used 32,000 Requirements Direct labor assigned to jobs 40,000 Manufacturing overhead allocated to jobs 28,000 1. Prepare the journal entry for production completed in June. 2. Open a T-account for Work-in-Process Inventory. Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Print Done Inventory account on June 30. 3. Prepare the journal entry to record the sale on account of Job 143 for $63,000. Also, prepare the journal entry to record Cost of Goods Sold for Job Cho 143. 4. What is the gross profit on Job 143? Clear All

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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Question 3, Part 1

June production generated the following activity in Bentley Chassis Company's Work-in-Process Inventory account: E (Click the icon to view the activity.) Additionally, Bentley has completed Jobs 142 and 143, with total costs of $37,000 and $48,000, respectively. Read the requirements. Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit June Data Table June balance $ 36,000 Direct materials used 32,000 Requirements Direct labor assigned to jobs 40,000 Manufacturing overhead allocated to jobs 28.000 1. Prepare the journal entry for production completed in June. Print Done 2. Open a T-account for Work-in-Process Inventory. Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventory account on June 30. 3. Prepare the journal entry to record the sale on account of Job 143 for $63,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143. Cho 4 4. What s the gross profit on Job 143? Clear All
Transcribed Image Text:June production generated the following activity in Bentley Chassis Company's Work-in-Process Inventory account: E (Click the icon to view the activity.) Additionally, Bentley has completed Jobs 142 and 143, with total costs of $37,000 and $48,000, respectively. Read the requirements. Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit June Data Table June balance $ 36,000 Direct materials used 32,000 Requirements Direct labor assigned to jobs 40,000 Manufacturing overhead allocated to jobs 28.000 1. Prepare the journal entry for production completed in June. Print Done 2. Open a T-account for Work-in-Process Inventory. Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventory account on June 30. 3. Prepare the journal entry to record the sale on account of Job 143 for $63,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143. Cho 4 4. What s the gross profit on Job 143? Clear All
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