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Finished Goods and Cost of Goods Sold Before the completed production for June is...

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Accounting

Finished Goods and Cost of Goods Sold
Before the completed production for June is recorded, the work in process inventory account for James Company appears as follows:
Work in Process Inventory
Balance June 1 $56,000
Direct material 157,500
Direct labor 112,000
Manufacturing overhead applied 119,000
Assume that completed production for June includes Jobs 107,108, and 109 with total costs of $98,000, $206,500, and $87,500, respectively.
a. Determine the cost of unfinished jobs at June 30 and prepare a journal entry to record completed production.
Work in process balance as of June 30 $Answer
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General Journal
Description Debit Credit
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Finished goods inventory
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0
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0
Answer
Work in process inventory
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0
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b. Using general journal entries, record the sale of Job 107 for $140,000 on account.
General Journal
Description Debit Credit
Answer
Cost of goods sold
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0
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0
Answer
Finished goods inventory
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0
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To transfer cost to expense.
Answer
Accounts receivable
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0
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0
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Sales
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0
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To record sale of job 107.

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