Job Order Cost System

question 40

Essay

Job order cost system
Continental Company uses a job order cost accounting system.During March,three jobs were completed and the costs were computed as follows: job no.1,$89,000; job no.2,$58,800; job no.3,$54,000.As of March 31,the following amounts had been charged to the Work in Process Inventory controlling account in the general ledger: (a)Prepare the general journal entry to reflect the jobs completed during March: (b)Compute the cost of the unfinished jobs at March 31.$__________

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Definitions:

Problem-Solving Process

A systematic approach to finding a solution to a complex issue or obstacle, typically involving identifying the problem, generating options, and selecting a course of action.

Identifying Problems

The process of recognizing issues that can be addressed or solved.

IDEAS Process

An acronym standing for Identify, Determine, Evaluate, Act, and Study, used as a methodological approach in problem-solving and decision-making.

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The result or consequence of a particular set of circumstances, which may vary depending on different factors or decisions.