Question

Pow X ID Top 10 Benefit X Negative Effect x V Uso social med X Which Social x 2 Cenga, now.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inprogress=fa Calculator Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in August: Work in Process Balance, August 1 $15,710 127,720 Direct materials Direct labor 137,780 Factory overhead 72,420 Jobs finished during August are summarized as follows: Job 210 Job 216 Job 224 Job 230 $63,650 38,900 74,260 141,450 a. Journalize the entry to record the jobs completed. b. Determine the cost of the unfinished jobs at August 31. Check My Work 1 more Check My Work uses remaining. All work saved. All work saved.

Answer 1

Journal Entry:

(1)

Date	Account Name	Debit	Credit
Aug 31	Finished Goods	$318,260
	To Work In Process		$ 318,260

( $ 63,650 + 38,900 + 74,260 + 141,450)

( 2)

Cost of unfinished Jobs

$ 35,370

Explanation:

Balance in work in progress, august 31	$ 15,710
Add: Direct Material	$ 127,720
Direct Labor	$ 137,780
Factory Overhead	$ 72,420	$353,630
Less: jobs finished during August		($318,260)
Unfinished Job		$ 35,370