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1. Prepare the journal entry for production completed in June. 2. Open a T-account for Work-in-Process Inventory. Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventory account on June 30. 3. Prepare the journal entry to record the sale on account of Job 143 for $63,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143.

1. Prepare the journal entry for production completed in June. 2. Open a T-account for Work-in-Process Inventory. Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventory account on June 30. 3. Prepare the journal entry to record the sale on account of Job 143 for $63,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Additionally, Bentley has completed Jobs 142 and 143, with total costs of $37,000 and $48,000, respectively. Read the reguirements. Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries. Date Accounts Debit Credit Data Table June June 1 balance $ 36,000 Direct materials used 32,000 Direct labor assigned to jobs 40,000 Manufacturing overhead allocated to jobs 28,000
Transcribed Image Text:Additionally, Bentley has completed Jobs 142 and 143, with total costs of $37,000 and $48,000, respectively. Read the reguirements. Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries. Date Accounts Debit Credit Data Table June June 1 balance $ 36,000 Direct materials used 32,000 Direct labor assigned to jobs 40,000 Manufacturing overhead allocated to jobs 28,000
1. Prepare the journal entry for production completed in June. 2. Open a T-account for Work-in-Process Inventory. Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventory account on June 30. 3. Prepare the journal entry to record the sale on account of Job 143 for $63,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143. 4. What is the gross profit on Job 143?
Transcribed Image Text:1. Prepare the journal entry for production completed in June. 2. Open a T-account for Work-in-Process Inventory. Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventory account on June 30. 3. Prepare the journal entry to record the sale on account of Job 143 for $63,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143. 4. What is the gross profit on Job 143?
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