production generated the following activity in Chopper Chassis Company's Work-in-Process Inventory account: LOADING...(Click the icon to view the activity.) Additionally, Chopper has completed Jobs 142 and 143, with total costs of $ 46 comma 000 and $ 50 comma 000, respectively. Read the requirementsLOADING Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit June C

Finished Goods : Job 142 $ 46,000 (debit)

Finished Goods : Job 143 $ 50,000 (debit)

Work In Process : Job 142 $ 46,000 (credit)

Work In Process : Job 143 $ 50,000 (credit)

Explanation:

During Production all Costs Incurred are accumulated in the Work In Process Account.

Once the Production is Complete and Jobs are Transferred to Finished Goods, the Costs in Work In Process Account is De-recognized. Consequently Costs are recognized in Finished Goods Inventory for Valuation purposes.

These cost would later form part of Cost of Sales when the Jobs are Finally Sold to the Customer.

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

                                          hope it