The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 Direct materials Direct labor Factory overhead Jobs finished during January are summarized as follows: Job 210 $69,290 Job 224 Job 216 42,340 Job 230 Feedback. $17,100 139,020 149,970 78,830 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. Finished Goods Work in Process ✓ $80,830 142,420 Check My Work a. Move the cost of completed jobs out of work in process and into finished goods. b. Determine the cost of the unfinished jobs at January 31.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
**Entry for Jobs Completed; Cost of Unfinished Jobs**

The following account appears in the ledger prior to recognizing the jobs completed in January:

**Work in Process**

- Balance, January 1: $17,100
- Direct materials: $139,020
- Direct labor: $149,970
- Factory overhead: $78,830

Jobs finished during January are summarized as follows:

- Job 210: $69,290
- Job 216: $42,340
- Job 224: $80,830
- Job 230: $142,420

a. *Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank.*

- Finished Goods: [ ] 
- Work in Process: [ ]

Feedback: 
- Check My Work: Move the cost of completed jobs out of work in process and into finished goods.

b. *Determine the cost of the unfinished jobs at January 31.*

- [ ]
Transcribed Image Text:**Entry for Jobs Completed; Cost of Unfinished Jobs** The following account appears in the ledger prior to recognizing the jobs completed in January: **Work in Process** - Balance, January 1: $17,100 - Direct materials: $139,020 - Direct labor: $149,970 - Factory overhead: $78,830 Jobs finished during January are summarized as follows: - Job 210: $69,290 - Job 216: $42,340 - Job 224: $80,830 - Job 230: $142,420 a. *Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank.* - Finished Goods: [ ] - Work in Process: [ ] Feedback: - Check My Work: Move the cost of completed jobs out of work in process and into finished goods. b. *Determine the cost of the unfinished jobs at January 31.* - [ ]
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education