5-38 Balance of Work in Process and Finished Goods, Cost of Goods Sold
Derry Company uses job-order costing. At the end of the month, the following information was gathered:
Job #Total CostComplete?Sold?301$1,660 YesNo3021,130 YesYes303800 NoNo3042,370 YesNo3054,020 YesNo306320 NoNo307680 YesYes308550 NoNo3091,200 NoNo310400 NoNo
The beginning balance of Finished Goods was $340, consisting of Job 300 which was not sold by the end of the month.
1. Calculate the balance in Work in Process at the end of the month.
2. Calculate the balance in Finished Goods at the end of the month.
3. Calculate Cost of Goods Sold for the month.
Answer Balance in Work in Process at the end of the month... View the full answer