Question

Question 3 --/1 View Policies Current Attempt in Progress In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $21,700 and Job 11 $31,800. On March 31, Job 10 is sold to the customer for $44,500 in cash. Journalize the entries for the completion of the two jobs and the sale of Job 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 Finished Goods Inventory Work in Process Inventory (To record the completion of the two jobs) Cash Sales Revenue (To record the sale lob 10).

Answer 1

Cost of job 10 = $21,700

Cost of job 11 = $31,800

Cost of finished goods inventory = Cost of job 10 + Cost of job 11

= 21,700+31,800

= $53,500

Cost of goods sold = cost of job 10

= $21,700

Date	Account Titles and Explanation	Debit	Credit
Mar.31	Finished goods inventory	$53,500
	Work in process inventory		$53,500
	( To record the completion of the two jobs)
Mar.31	Cash	$44,500
	Sales revenue		$44,500
	( To record the sale Job 10)
Mar.31	Cost of goods sold	$21,700
	Finished goods inventory		$21,700
	( To record the cost of job sold)

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