Question

September production generated the following activity in Digital Connection’s work in process inventory:
Production was completed in September, but is not recorded yet; it consists of Jobs B-78 and G-65, with total costs of $41,000 and $37,000, respectively.
Requirements
1. Compute the balance of work in process inventory at September 30.
2. Prepare the journal entry for the production completed in September.
3. Prepare the journal entry to record the sale (on credit) of Job G-65 for $45,000. Assume a perpetual inventory system.
4. What is the gross profit of Job G-65? What other costs must this gross profit cover?


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  • CreatedApril 30, 2015
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