Chapter 19, Problem E19.22E

To determine

Concept Introduction:

T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Work in Process: Work in Process refers to the goods in production process which is not yet completed. This includes cost of raw material, labour and manufacturing overhead.

Finished Goods: Finished goods are the goods which have completed the production process and are ready for sale.

Cost of Goods Sold: Cost of goods sold is the direct cost attributable to the product sold by company. It includes cost of raw material, direct labour and overhead.

Requirement1:

To Prepare:

1. Journal Entry for Production Completed in June

To determine

Requirement 2

To Prepare:

1. Work in process inventory Account

To determine

Requirement 3

To Prepare

1. Jornal Entry to record cost of goods sold and sale of Job 143

To determine

Requirement 4

To Calculate:

1. The gross profit on Job 143