Question

The following account appears in the ledger prior to recognizing the jobs completed in January:Work in ProcessBalance, January 1 $17,890 Direct materials 145,450 Direct labor 156,900 Factory overhead 82,470 Jobs finished during January are summarized as follows:Job 210 $72,490Job 216 44,300Job 224 84,570Job 230 149,000a. Journalize the entry to record the jobs completed.Finished Goods Work in Process Feedbackb. Determine the cost of the unfinished jobs at January 31.______________ $

Answer 1

The unfinished jobs are "$52,350".

Step-by-step explanation:

The given values are:

Work in process balance,

= $17,890

Direct material,

= $145,450

Direct labor,

= $156,900

Factory overhead,

= $82,470

The four finished jobs are:

Job 210,

= $72,490

Job 216,

= 44,300

Job 224,

= 84,570

Job 230,

= 149,000

Now,

According to the total of all four finished jobs:

The Journal entry will be:

Debit Credit

(a) Finished goods $350,360

Work in progress $

(b)

The unfinished jobs on January 31st will be:

= Work in progress opening balance + Direct material + Direct labor + Factory overhead - finished goods

On substituting the values, we get

=
`17,890+ 145,450+156,900+82,470-350,360`

=
`52,350` ($)