June production generated the following activity in Bentley Chassis Company's Work-in
Process Inventory account:
June 1 balance .................................. $ 36,000
Direct materials used ............................ 32,000
Direct labor assigned to jobs .................... 40,000
Manufacturing overhead allocated to jobs .... 28,000
Additionally, Bentley Chassis has completed Jobs 142 and 143, with total costs of $37,000 and $48,000, 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 $63,000. Also, prepare the journal entry to record Cost of Goods Sold for Job 143.
4. What is the gross profit on Job 143?