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. $

Question

Tanya Knox

Business

12 May, 10:48

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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Carson Waters · Answer 1

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