Question

July production generated the following activity in Ciano Piano’s work in process inventory. Production was completed in July, but is not recorded yet; it consists of Jobs C-55 and G-72, with total costs of $40,600 and $36,900, respectively.
Requirements
1. Compute the balance of work in process inventory at July 31.
2. Prepare the journal entry for the production completed in July.
3. Prepare the journal entry to record the sale (on credit) of Job G-72 for $43,900. Assume a perpetual inventory system.
4. What is the gross profit of Job G-72? What other costs must this gross profit cover?


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  • CreatedApril 30, 2015
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