Job 105 has accumulated the following costs: Direct materials: $32,000 Direct labour: $24,000 Applied manufacturing overhead: $36,000 The job was completed during June but had not been sold by the end of June.

Which journal entry should be recorded when the job is completed?

Question

Job 105 has accumulated the following costs:

The job was completed during June but had not been sold by the end of June.

Which journal entry should be recorded when the job is completed?

Accepted Answer

Dr Finished Goods $92,000; Cr WIP $92,000

Answer

Dr COGS $92,000; Cr WIP $92,000

Answer

Dr WIP $92,000; Cr Finished Goods $92,000

Answer

Dr Finished Goods $56,000; Cr WIP $56,000

Crowdly