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Journal entry worksheet Record the entry to adjust the work in process and finished goods inventories Note: Enter debits before credits. Cost of goods sold Finished goods inventory Manufacturing overheaed Sales Work in process inventory Accounts payable Accounts receivable Cash Cost of goods sold Finished goods inventory 2. Determine the amount of cost that should be assigned to the ending work in process and finished goods inventories. 3. Prepare the necessary correcting journal entry to adjust the work in process and finished goods inventories to the correct balances as of December 31. (Round intermediate calculations to 2 decimal places.) Problem 6-14 Equivalent Units; Costing of Inventories; Journal Entries-Weighted-Average Method [LO1, LO2, LO3, LO4] Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to increase gas mileage by 20%. The company's controller suspects that the year-end dollar balances shown below in the inventory accounts may be incorrect. There were no finished goods inventories at the beginning of the year. The company uses the weighted-average method of process costing. There is only one processing department. A review of the company's inventory and cost records shows the following: Required: 1. Determine the equivalent units and the costs per equivalent unit for materials and conversion for the year. (Round your "Cost per equivalent unit" answers to 2 decimal places.)

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