Score: 0 of 2 pts 2 of 4 (4 complete) HW Score: 20%, 2 of 10 pts X E17-22 (simil

Question

Score: 0 of 2 pts 2 of 4 (4 complete) HW Score: 20%, 2 of 10 pts X E17-22 (similar to) Question Help June production generated the following activity in Axle Chassis Company's Work-in-Process Inventory account EE (Click the icon to view the activity.) Additionally, Axle has completed Jobs 142 and 143, with total costs of $44,000 and $46,000, respectively Read the requirements Date Accounts Debit Credit June Finished Goods Inventory 90,000 Work-in-Process Inventory 90,000 Requirement 2. A T-account for Work-in-Process Inventory has been opened for you. Enter the beginning balance "Beg. Bal." on the first line of the T-account. Post the June activity, including the journal entry made in Requirement 1, using the appropriate descriptions as posting references. Compute the ending balance "Bal." in the Work-in-Process Inventory account on June 30. (Abbreviation used: MOHmanufacturing overhead.) Work-in-Process Inventory 90000 Beg. Bal 22000 Bal Choose from any list or enter any number in the input fields and then click Check Answer

Explanation / Answer

1) Date Account Titles Debit Credit Finished Goods Inventory ($44000 + $46000) $90,000.00                Work in process Inventory $90,000.00 2) Work in Process Inventory Jun 1 Balance $22,000.00 Job 142 $ Job 143 Completed Direct Material Used $32,000.00 Direct labor assigned to jobs $42,000.00 Manufacturing Overhead allocated to Jobs $25,200.00 June 30 Balance $31,200.00 3) Date Account Titles Debit Credit Accounts Receivables $58,000.00                     Sales Revenue $58,000.00 Cost of Good Sold $46,000.00                  Finished Goods Inventory $46,000.00 4) Sales Revenue $58,000.00 Less: Cost of Good Sold $46,000.00 Gross Profit $12,000.00

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