Question 6Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for October and November Ciement ManuiaciuringComputation of Work-in-Process Inventory,Finished Goods Inventory, and Cost of Goods SoldFor October and NovemberDateWork-in-Process InventoryFinished Goods InventoryCost of Goods SoldJobCostJobCostJobCostOctober 31:3$1,0002$1,40011,30041,2002,2001,4001,300TotalTotalTotalNovember 30:65002,4001,4001,9006505002,4003,950TotalTotalTotal%24LO%24 ns costin ng recoyield the lollowiny inioma uon.E (Click the icon to view the costing records.)Read the reguirements.Data TableNovember 30:$5004$2,4002$1,4001,9005650DateTotalTotal500Total2,400Total3,950ManufacturingTotal Cost of Job Costs Added inRequirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finisheentries.)Job No. Started FinishedSoldat October 31Novemberions frJob No. 110/0310/1210/13 $1,300Record October's entry first.Job No. 210/0310/3011/011,400DateAccountsDebitCreditJob No. 310/1711/2411/271,000 $900Oct. 31Job No. 410/2911/2912/031,2001,200Job No. 511/0811/1211/14650Job No. 611/2312/0612/09500

Given : JobNo. Date Total Cost of Jobat October 31 Total Manufacturing CostsAdded in…

Answered: Requirement 3. Prepare journal entries…

Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for

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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Question 6

Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finished Goods Inventory for October and November

Ciement Manuiaciuring
Computation of Work-in-Process Inventory,
Finished Goods Inventory, and Cost of Goods Sold
For October and November
Date
Work-in-Process Inventory
Finished Goods Inventory
Cost of Goods Sold
Job
Cost
Job
Cost
Job
Cost
October 31:
3
$
1,000
2$
1,400
1
1,300
4
1,200
2,200
1,400
1,300
Total
Total
Total
November 30:
6
500
2,400
1,400
1,900
650
500
2,400
3,950
Total
Total
Total
%24
LO
%24

ns costin ng reco
yield the lollowiny inioma uon.
E (Click the icon to view the costing records.)
Read the reguirements.
Data Table
November 30:
$
500
4
$
2,400
2
$
1,400
1,900
5
650
Date
Total
Total
500
Total
2,400
Total
3,950
Manufacturing
Total Cost of Job Costs Added in
Requirement 3. Prepare journal entries to record the transfer of completed jobs from Work-in-Process Inventory to Finishe
entries.)
Job No. Started Finished
Sold
at October 31
November
ions fr
Job No. 1
10/03
10/12
10/13 $
1,300
Record October's entry first.
Job No. 2
10/03
10/30
11/01
1,400
Date
Accounts
Debit
Credit
Job No. 3
10/17
11/24
11/27
1,000 $
900
Oct. 31
Job No. 4
10/29
11/29
12/03
1,200
1,200
Job No. 5
11/08
11/12
11/14
650
Job No. 6
11/23
12/06
12/09
500

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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