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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883

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BuyFindarrow_forward

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883
Textbook Problem

Recording jobs completed
The following account appears in the ledger after all postings have been completed except for the entries to transfer the costs of the jobs completed in October.

Jobs finished during October are summarized as follows:

a.Determine the cost of jobs completed.
b.Determine the cost of the unfinished jolts at October 31.

To determine

Concept Introduction:

Cost of jobs completed means all those cost which are directly attributed to the goods its include direct material cost, labor cost and manufacturing overhead cost.

Requirement-1:

To Calculate:

Cost of jobs completed.

Explanation
    Work in Progress Inventory
    Bal42,600
    Raw Material360,000
    Factory Labor400,400Finished
    Manu Overhead
To determine

Concept Introduction:

Cost of jobs completed means all those cost which are directly attributed to the goods it's include direct material cost, labor cost and manufacturing overhead cost.

Cost of unfinished goods means the cost of goods on which work is not completed yet.

Requirement-2:

To Calculate:

Determine the cost of unfinished goods cost.

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