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Unformatted text preview: amount as an amount being transferred out of the job on the job T-account . Also enter this amount and the related job # on the credit side of the WIP a/c for each job completed and transferred out. Total this amount and show as a transfer out of the WIP T-account and into the FG T-account. 5. Do the same thing for any jobs sold. That is, show the job # and the cost of the job as a transfer out of the FG T-account. Subtotal the amount of all such jobs sold and transfer the total as a transfer into the COGS T-account. 6. Complete any other T-accounts: MO; Raw materials etc. 7. Calculate the ending balances for RM, WIP and FG. Make sure the ending balances in WIP and FG correspond to the accumulated job costs (from the job cost T-accounts) of the respective jobs still sitting in either WIP or FG. RF 01/07...
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This note was uploaded on 03/03/2012 for the course ACCT 2460 taught by Professor Farrar during the Winter '12 term at Conestoga.
- Winter '12