Journal Entries for Jobs

The following journal entry was created for a job:

1.) Dr Raw Materials - for the difference between the standard cost of
raw materials consumed and the standard cost of the finished product
2.) Cr WIP - for the standard labor and burden
3.) Cr Finished Goods - for the standard cost of one of the raw
materials consumed
4.) Dr WIP - for the difference between the actual cost to produce the
product less the standard raw material cost of the product
5.) Cr COGS - for the difference between the actual cost to produce the
product less the standard raw material cost of the product

The only part of this entry I understand is number 2, I do not
understand the rest at all. I am certain the set up is not correct and
causing the majority of this mess, but I cannot find where to fix the
set up. Where do I check to make sure set up is pointing to the right
accounts?

Michelle C. Grman
Assistant Controller

KERUSSO
The Greek word means - To herald divine truth as a public crier; to
preach the gospel.

P.O. Box 32
Berryville, AR 72616
Phone: 870-423-6242 Ext. 267
Fax: 870-423-3568
Web Site: www.kerusso.com

Revolutionize your jewelry sales with the Beacon Accessory Center:
"The Beacon is a SERIOUS MARGIN MAKER! We've sold half of the product in
less than a month!"
-Ron Kuzman, Mgr., Sonrise Christian

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