[d33m3r4]

Can someone please help me by checking if my answer to the following question is correct or not.

If a company uses a job costing system and has two jobs in process at the start of the year: job 101 ($168,000) and job 102 ($107,000). Given direct materials, direct labor and machine hours for job 101 to be $42000, $70,000 and 2400 machine hours respectively; and for job 102 to be $44,000 for direct labor and 1400 machine hours.
Prepare the journal entry to record the completion of job numbers 101 and 102?


Finished Goods Inventory $56,000*(Debit)
Work In Process Inventory $56,000(Credit)
(To record completion of job 101)

Finished Goods Inventory $63,000*(Debit)
Work In Process Inventory $63,000(Credit)
(To record completion of job 102)


*$56,000 = $168,000-($42,000+$70,000)
*$63,000 = $107,000- ($44,000)