The following account appears in the ledger after only part ofthe postings have
ID: 2457744 • Letter: T
Question
The following account appears in the ledger after only part ofthe postings have been complete for January:
Work in Process
Balance, January 1 15,500
Directmaterials 86,200
Directlabor 64,300
Factoryoverhead 93,700
Jobs finished during January are summarized as follows:
Job320 57,600 Job327 26,100
Job326 75,400 Job350 94,800
(Note: (b) $5,800)
Explanation / Answer
1. Cost of jobs completed Job 320 57,600 Job 326 75,400 Job 327 26,100 Job 350 94,800 253,900 2.Cost of unfinished jobs at Jan 31 Total of Work in process (WIP) account Balance Jan1 15,500 D.materials 86,200 D.labor 64,300 Factory o.head 93,700 253,900 cost of jobs completed - total manufacturing costs = unfinished jobcost 259,700 - 253,900 = $ 5,800