Assigning Costs to Finished Goods

Assigning Costs to Finished Goods - (7 Finished Goods...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ASSIGNING COSTS TO FINISHED GOODS When a job is completed , Wallace summarizes the costs and completes the lower portion of the  applicable job cost sheet. For example, if we assume that Wallace completes Job No. 101 on January  31, the job cost sheet appears as shown in Illustration  15-14 Illustration 15-14    Completed job cost sheet When a job is finished, Wallace makes an entry to transfer its total cost to finished goods inventory.  The entry is as follows: 
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: (7) Finished Goods Inventory Work in Process Inventory (To record completion of Job No. 101) Finished Goods Inventory is a control account. It controls individual finished goods records in a finished goods subsidiary ledger. The company posts directly from completed job cost sheets to the receipts columns. Illustration 15-15 shows the finished goods inventory record for Job No. 101. Illustration 15-15 Finished goods record...
View Full Document

{[ snackBarMessage ]}

Page1 / 2

Assigning Costs to Finished Goods - (7 Finished Goods...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online