Prepare the journal entries to record the transfer of completed units from Work in process to...
Question:
Bluebird Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information:
| Job No. | Date | Total Cost of Job at October 31 | Total Manufacturing Costs Added in November | ||
| Started | Finished | Sold | |||
| 1 | 10/3 | 10/12 | 10/13 | $1,900 | |
| 2 | 10/3 | 10/30 | 11/1 | 1,800 | |
| 3 | 10/17 | 11/24 | 11/27 | 400 | $1,500 |
| 4 | 10/29 | 11/29 | 12/3 | 800 | 1,200 |
| 5 | 11/8 | 11/12 | 11/14 | 550 | |
| 6 | 11/23 | 12/6 | 12/9 | 700 | |
Prepare the journal entries to record the transfer of completed units from Work in process to Finished goods for November.
Finished Goods Inventory:
Finished goods inventory is the products that have completed the production process and are ready to be sold. Finished goods inventory forms part of the short-term assets on the balance sheet. It includes all the costs such as direct material, direct labor, and overhead cost.
Answer and Explanation: 1
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View this answerJournal entry:
| Date | Particulars | Debit ($) | Credit ($) |
|---|---|---|---|
| November | Finished goods inventory A/c (Job 3 + Job... |
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Finished Goods Inventory: Calculation & Formula
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Chapter 2 / Lesson 9
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