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15 May, 02:24

Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 $10,100 Direct materials 82,110 Direct labor 88,580 Factory overhead 46,560 Jobs finished during January are summarized as follows: Job 210 $40,920 Job 224 $47,740 Job 216 25,010 Job 230 84,120 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. b. Determine the cost of the unfinished jobs at January 31. $

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  1. 15 May, 04:04
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    a. Entry to record the jobs completed.

    Job 210 $40,920 (debit)

    Job 224 $47,740 (debit)

    Job 216 $25,010 (debit)

    Job 230 $84,120 (debit)

    Work - In Process $197,790 credit)

    b. $29,550

    Explanation:

    a. Entry to record the jobs completed.

    Recognize the Cost of Manufacture in the Jobs completed and De-recognize the costs from the Work In progress Account

    b. the cost of the unfinished jobs

    The cost of the unfinished jobs = Opening Work-In process + Costs Added during the year - Finished Jobs at the end

    Opening Work-In process $10,100

    Add Manufacturing Costs:

    Direct materials $82,110

    Direct labor $88,580

    Factory overhead $46,560 $217,240

    Less Finished Jobs:

    Job 210 $40,920

    Job 224 $47,740

    Job 216 $25,010

    Job 230 $84,120 ($197,790)

    Cost of the unfinished jobs $29,550
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