Question: what was the balance in work in process inventory on feb 28 2022 assuming work in process had a 0 balance on feb 1 2022?

Ivanhoe Incorporated has the following information available about the jobs worked on during the month of February 2022 : Job

what was the balance in work in process inventory on feb 28 2022 assuming work in process had a 0 balance on feb 1 2022?
 

Ivanhoe Incorporated has the following information available about the jobs worked on during the month of February 2022: Job Number Materials Labour Overhead 110 $25,700 $23,400 $17,800 34,400 31,100 25,600 13,470 111 112 20,000 16,100 Jobs 110 and 111 were completed in February and Job 111 was sold on account for $92,700 in February. Journalize the entries for the completion of the two jobs and the sale of Job 111. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation (To record completion of Jobs 110 and 111) (To record the sale of Job 111) Total Costs $66,900 91,100 49,570 (To record cost of goods sold for Job 111) Debit 11 Credit

Step by Step Solution

3.41 Rating (179 Votes )

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!