June production generated the following activity in Auto Chassis Company’s Work-in-Process Inventory account:

June 1 balance ................ $ 20,000

Direct materials used ..............31,000

Direct labor assigned to jobs ...........33,000

Manufacturing overhead allocated to jobs .....13,000

Additionally, Auto has completed Jobs 142 and 143, with total costs of $ 38,000 and $ 36,000, respectively.

Requirements

1. Prepare the journal entry for production completed in June.

2. Open a T-account for Work-in-Process Inventory. Post the journal entry made in Requirement 1. Compute the ending balance in the Work-in-Process Inventory account on June 30.

3. Prepare the journal entry to record the sale on account of Job 143 for $ 46,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143.

4. What is the gross profit on Job 143?