Finished Goods and Cost of Goods Sold
Before the completed production for June is recorded, the work in process inventory account for James Company appears as follows:
Work in Process Inventory
Balance June $
Direct material
Direct labor
Manufacturing overhead applied
Assume that completed production for June includes Jobs and with total costs of $ $ and $ respectively.
a Determine the cost of unfinished jobs at June and prepare a journal entry to record completed production.
Work in process balance as of June $Answer
General Journal
Description Debit Credit
Answer
Finished goods inventory
Answer
Answer
Answer
Work in process inventory
Answer
Answer
b Using general journal entries, record the sale of Job for $ on account.
General Journal
Description Debit Credit
Answer
Cost of goods sold
Answer
Answer
Answer
Finished goods inventory
Answer
Answer
To transfer cost to expense.
Answer
Accounts receivable
Answer
Answer
Answer
Sales
Answer
Answer
To record sale of job
