Portland Manufacturing Co. obtained the following information from its records for July:

Required:
1. Prepare, in summary form, the journal entries that would have been made during the month to record the distribution of materials, labor, and overhead costs; the completion of the jobs; and the sale of the jobs.
2. Prepare schedules showing the gross profit or loss for July for the following:
a. The business as a whole.
b. Each job completed and sold.
c. Each unit manufactured and sold. (Round to the nearestcent.)

Transcribed Image Text:

Jobs Completed and Sold 10AX 11BX 12CX 110,000 126,000 14,000 . $300,000 $250,000 $350,000 140,000 120,000 Factory overhead 5,000 Sales ..