Question

5 of 7 complete) Score: 0.16 of 1 pt E17-22 (similar to) June production generated the following activity in Barge Chassis Company's Work in Process Inventory count (Click the icon to view the activity) Additionally, Barge has completed Jobs 142 and 143, with total costs of 348,000 and $37.000, 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 Finished Goods Inventory 35.000 Work in Process Inventory 85.000 Requirement 2. AT-account for Work-in-process inventory has been opened for you. Enter the beginning balance De Bal on the first line of the T-account Post the Juneotvity, including the journalen Compute the ending balance "Bal" in the work in Process Inventory account on June 30. (Abbreviation used: MOH manufacturing overhead) Work in Process Inventory Beg Ba 25.000 65,000 Direct materials used 30.000 Direct labor assigned to jobs 44.000 MOH located to jobs 17.600 31,600

Answer 1

1)

Date	Accounts	Debit	Credit
June	Finished goods inventory	$85000
	Work in process inventory		$85000
	(To record cost of goods manufactured)

2)

Work in Process Inventory
Beg. Bal.	$25000
Direct materials used	30000
Direct labor assigned to jobs	44000
MOH allocated to jobs	17600	85000	Cost of goods manufactured
Bal.	$31600

3)

Date	Accounts	Debit	Credit
June	Accounts receivable	$52000
	Sales		$52000
	(To record Job 143 sales on account)
June	Cost of goods sold	$37000
	Finished goods		$37000
	(To record cost of goods sold)

4) Gross profit= Sales-Cost of goods sold

= $52000-37000= $15000

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