The following account appears in the ledger prior to recognizing the jobs completed in January: Work in ProcessBalance, January 1 $ 72,000Direct materials 390,000Direct labor 500,000Factory overhead 250,000Jobs finished during January are summarized as follows:Job 210 $200,000 Job 224 $225,000Job 216 288,000 Job 230 436,800a. Journalize the entry to record the jobs completed. b. Determine the cost of the unfinished jobs at January 31.

Year-end WIP 62,200

jounral entry for completed jobs:

Finished Good Inventory   1,149,800 DEBIT

  WIP inventory                              1,149,800 CREDIT

Explanation:

WIP

Beginning  $     72,000

Materials    $   390,000

Labor          $   500,000

Overhead   $   250,000

Total WIP    $  1,212,000

Finished Jobs:

Job 210  $  200,000

Job 224 $  225,000

Job 216  $  288,000

Job 230 $  436,800

Total       $ 1,149,800

the jobs complete will move to finished good and credit WIP inventory

WIP year-end:

1,212,000 - 1,149,800 = 62,200