Finished Goods and Cost of Goods Sold Before the completed production for June i

Question

Finished Goods and Cost of Goods Sold Before the completed production for June is recorded, the work in process inventory account for james Co Work in Process Inventony Balance june 1 Direct material Direct labor Manufacturing overhead applied $32,000 90,000 64,000 68,000 Assume that completed production for June includes jobs 107, 108, and 109 with total costs of $56,000, $118,000, and $50,000, respectively a. Determine the cost of unfinished jobs at June 30 and prepare a journal entry to record completed production. Work in process balance as of June 30$ Page 3 General Journal Description Debit Credit

Explanation / Answer

a. Total costs till 30th June = 32000+90000+64000+68000

= $254,000

Completed production = 56000+118000+50000

= $224,000

Thus work in process balance at 30th June = 254,000 – 224,000 = $30,000

Journal entry:

b:

Debit Credit Finished goods inventory 224,000 Work in process inventory 224,000

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