The following account appears in the ledger prior to recognizing the jobs comple
ID: 2513821 • Letter: T
Question
The following account appears in the ledger prior to recognizing the jobs completed in August:
Jobs finished during August are summarized as follows:
Required:
Chart of Accounts
Journal
A. Journalize the entry on Aug. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
1
2
Final Question
B. Determine the cost of the unfinished jobs at August 31.
Work in Process Balance, August 1 $ 59,000 Direct materials 304,750 Direct labor 478,950 Factory overhead 209,600Explanation / Answer
A) Total amount for jobs completed = Job 210+Job 216+Job 224+Job 230
= $188,750+$234,700+$168,400+$363,050 = $954,900
Journal Entry (Amounts in $)
B) Calculation of Cost of Unfinished Goods at August 31 (Amounts in $)
Therefore the cost of unfinished jobs at August 31 is $97,400.
Date Description Post Ref. Debit Credit Aug 31 Finished Goods 954,900 Work in Process 954,900