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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question 3

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

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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