Problem - The following account appears in the ledger prior to recognizing the jobs completed in August:
Balance, August 1 $ 60,000
Direct materials 325,000
Direct labor 462,000
Factory overhead 210,000
Jobs finished during August are summarized as follows:
Job 210 $197,800
Job 216 240,000
Job 224 160,000
Job 230 364,000
Required:
A. Journalize the entry on Aug. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles.
B. Determine the cost of the unfinished jobs at August 31.