Question: Hi,[ I do not know how to finalize this journal entry. Jan.31: Balance soft the inventories accounts: Finished Goods=74,000 Credit Work-in-Process - Spinning = 28,000

Hi,[

I do not know how to finalize this journal entry.

Jan.31: Balance soft the inventories accounts: Finished Goods=74,000

Credit Work-in-Process - Spinning = 28,000

WorkinProcessTufting= 31,300

Materials = 46,500

Factory Overhead Accounts Balances: Spinning 1,000

(Debit) Tufting 3,000 (Credit)

Explanation: a) Data and Calculations: January1 Inventories:

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Hello Finstat. I have really appreciated your help so far. Can you help with the attached? From what I can tell and what the instructor has told us is that this is less involved than the previous...

Q:

I'm in serious need of help in my accounting class (acc205) . I'm falling behind and I need help with this weeks assignment. for week three for the may-june month . can someone please help me ....

Q:

There are two problems due this week (each worth 35 points) as follows. Problem 1.6 (page 20) In comprehensive paragraphs, answerrequirements a to e. You will have 5 paragraphs total of four to five...

Q:

I HAVE AN EXCEL DOCUMENT BUT I'M NOT SURE HOW TO UPLOAD IT. AutoSave OFF svo Comprehensive Problem 1 (S2-3 on page 104) Home Insert Draw Page Layout Formulas Data Review View Share Comments X Arial ~...

Q:

Can someone help me with these problems? File Home Insert Draw Page Layout Formulas Data Review View Developer Help Power Pivot Share X Arial 12 AI ab General $ %) Conditional Formatting Format as...

Q:

Eur 1. Rhiner Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials $40,000 Work in process $18,000 Finished goods...

Q:

Complete Proforma Year 9 for Westfield Corporation. The first 5 pages: income statement, cost of goods sold, the contribution format income statement, balance sheet, and cash flow statement. 3...

Q:

Q1-Explain how the EBIT Chart works (inputs determining the outputs-the two lines on the chart Case Leahy Bread Company (LBC) in Cohen Finance Workbook, page 111( a 'caselette') SEE THE IS/BS MODEL &...

Q:

Hello. Can you help with this four question problem? Case PRIVATE EQUITY CASE: MERGER CONSOLIDATION The questions below COMBINE the Ohio & Maryland PT acquisitions as if they are a single c Learning...

Q:

Hello can you please help me create Bank reconciliation statements for these accounts. need a response as soon as possible, let me know of you need more information. thank you :) Transactions Date...

Q:

George Jack operates a small machine shop. He manufactures one standard product available from other similar businesses, and he also manufactures products to customer order. His accountant prepared...

Q:

What procedures do auditors employ to obtain evidence of the cost of investments? Investment gains and losses? Investment income?

Q:

Problem 4 : Use the following selected account balances of Delray Manufacturing to prepare its schedule of cost of goods manufactured for the year ended December 3 1 . \ table [ [ Sales , 1 , 2 5 0 ,...

Q:

\f

Q:

A Think about the unique language of your job or of the discipline in which you are majoring. Have you picked up any jargon that might seem confusing to someone outside the field?

Q:

1. A friend asks what youd like to do tonight. A. Oh, whatever you want. B. I heard about a party on Garden Street. C. Id like to rent Juno and make Indian food.

Q:

C What kinds of jargon have you been exposed to via television, film, and novels? Do you find some medical jargon familiar having watched many seasons of House or Greys Anatomy? Do you feel at ease...