une production generated the following activity in Beamer Chassis Company\'s Wor

Question

une production generated the following activity in Beamer Chassis Company's Work-in-Process Inventory account (Click the lcon to view the acivity) Additionally, Beamer has completed Jobs 142 and 143, with total costs of $40,000 and $50,000, respectively Read the requirements explanations ?0m any journar er,mes.) Date Debit June Requirement 2. A T-acoount for Work-in-Process Inventory has been opened for you Enter the beginning balance "Beg. Bal." on the Srst line of the T-account. Pos the June activity, indluding the journal entry made in Requirement 1, using the appropriate descriptions as posting references. Compute the ending balance Bal. in une worknProcess Inventory account on June 30. (Abbreviation used: M04 mandacturng overhead.) Requirement 3. Prepare the journal entry to record the sale on account of Job 143 for $64,000 Also, prepare the journal entry lo record Cost of Goods Sold for Job 143. (Prepare a single journal entry for this event. Record debits first, then credits. Exclade explanations from any journal entries Begin by preparing the entry to record the sale on account. Do not record the cost of the sale with this entry We will do that separately in the following step Date Debit Credit June Now prepare the journal entry to record Cost of Goods Sold for Job 143 Date Debit Credit Requirement 4. What is the gross proft on Job 143 The gross profit on Job 143 is $ June 1 balance Direct materials used Direct labor assigned to jobs Manufacturing overhead allocated to jobs $ 32,000 25,000 43,000 21,500

Explanation / Answer

1 Finished goods inventory 90000                  Work in progress inventory 90000 2 Work in progress inventory Beginning balance 32000 90000 Finished goods Material 25000 Labor 43000 Manufacturing overheads 21500 Total 121500 90000 Ending inventory 31500 3 Accounts receivable 64000                Sales revenue 64000 Cost of goods sold 50000             Finished goods inventory 50000 4 Job 143 Sales revenue 64000 Cost of goods sold 50000 Gross profit 14000

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.