Problem:
The following account appears in the ledger after only part of the postings has been completed for January:
Work in Process
Balance, January 1 .... $15,500
Direct materials ......... 86,200
Direct labor .............. 64,300
Factory overhead ........ 93,700
Jobs finished during January are summarized as follows:
Job 320 ... $57,600
Job 326 ..... 75,400
Job 327 ... $26,100
Job 350 ..... 94,800
a. Journalize the entry to record the jobs completed.
b. Determine the cost of the unfinished jobs at January 31.