Journal Entries

The following journal entries record the transfer of good units completed to finished goods and the loss from abnormal spoilage based on information in Panel B in Exhibits 19-2 and 19-3.

<p>A table shows journal entries to record the transfer of good units completed to finished goods and the loss from abnormal spoilage</p>

The table depicts finished goods and loss from abnormal spoilage under the weighted average and FIFO methods. The details of the table are as follows:

  1. Finished goods
    • Weighted-average: 152,075
    • FIFO: 151,600
  2. Work in process, forming
    • Weighted-average: 152,075
    • FIFO: 151,600
  3. To record the transfer of good units completed in July.
  4. Loss from abnormal spoilage
    • Weighted-average: 5,925
    • FIFO: 6,000
  5. Work in process, forming
    • Weighted-average: 5,925
    • FIFO: 6,000
  6. To record the abnormal spoilage detected in July.