Exercise 3-25 Basic Journal Entries in Job-Order Costing (LO 3-5)

Finley Educational Products started and finished job number B67 during June. The job required $4,600 of direct material and 40 hours of direct labor at $17 per hour. The predetermined overhead rate is $5 per direct-labor hour.

Required:

Prepare journal entries to record the incurrence of production costs and the completion of job number B67.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1.Record the release of raw material, wage cost and manufacturing overhead cost to production.

2.Record transfer of job costs from work in process to finished goods inventory.