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Problem - Entry for jobs completed; cost of unfinished jobs

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Problem - 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

$72,000

Direct materials

390,000

Direct labor

500,000

Factory overhead

250,000

Jobs finished during January are summarized as follows:

Job 210

$200,000

Job 224

$225,000

Job 216

288,000

Job 230

436,800

Required -

a. Journalize the entry to record the jobs completed.

b. Determine the cost of the unfinished jobs at January 31.

Reference no: EM132487049

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