EX 19 12 Entry for jobs completed; cost of unfinished jobs
The following account appears in the ledger after only part of the postings have been completed for March:
| Work in Process | |
| Balance, March 1 | $ 18,000 |
| Direct materials | 122,500 |
| Direct labor | 145,000 |
| Factory overhead | 80,000 |
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Jobs finished during March are summarized as follows:
| Job 320 | $72,400 | Job 327 | $ 46,200 |
| Job 326 | 79,200 | Job 350 | 144,600 |
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a. Journalize the entry to record the jobs completed.
b. Determine the cost of the unfinished jobs at March 31.
OBJ. 2