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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 16, Problem 12E
Textbook Problem
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The following account appears in the ledger prior to recognizing the jobs completed in January:

Chapter 16, Problem 12E, The following account appears in the ledger prior to recognizing the jobs completed in January: Jobs , example  1

Jobs finished during January are summarized as follows:

Chapter 16, Problem 12E, The following account appears in the ledger prior to recognizing the jobs completed in January: Jobs , example  2

  1. a. Journalize the entry to record the jobs completed.
  2. b. Determine the cost of the unfinished jobs at January 31.

a.

To determine

Record the journal entry for completed jobs.

Explanation of Solution

Jobs Completed:

When jobs are completed, all the product costs like direct material, direct labor, factory overhead are added up to compute the cost of job completed. The total is then divided by number of units produced to determine the cost per unit.

The journal entry to record the jobs completed is as follows:

DateAccount titles and ExplanationDebit($)Credit($)
Aug-31Finished goods Table (2)560,240 
     Work in process 560,240
...

b.

To determine

Determine the cost of unfinished jobs at January 31.

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Chapter 16 Solutions

Financial And Managerial Accounting
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