Homework Answers
Answer:-
| Job | Total Cost | Complete? | Sold? |
Work-in-Process (If work is not complete and not sold then the Job is treated as work in progress) |
Finished Goods Inventory (If Job is complete but Not sold then that Job comes under Finished good Inventory) |
Cost of Goods Sold (If Job is Complete and sold than that Job Cost comes under Cost of good sold) |
Explanation |
|---|---|---|---|---|---|---|---|
| 301 | $1,600 | Yes | No | $1,600 |
Job 301 is complete but Not sold.Then it includes in Finished good Inventory. |
||
| 302 | 1,270 | Yes | Yes | $1,270 |
Job 302 is complete and sold then it includes in Cost of good sold. |
||
| 303 | 890 | No | No | $890 |
Job 303 is not complete and sold so it includes in work in progress |
||
| 304 | 2,170 | Yes | No | $2,170 |
Job 304 is complete but Not sold.Then it includes in Finished good Inventory. |
||
| 305 | 4,090 | Yes | No | $4,090 |
Job 305 is complete but Not sold.Then it includes in Finished good Inventory. |
||
| 306 | 410 | No | No | $410 |
Job 306 is not complete and sold so it includes in work in progress |
||
| 307 | 670 | Yes | Yes | $670 |
Job 307 is complete and sold then it includes in Cost of good sold |
||
| 308 | 610 | No | No | $610 |
Job 308 is not complete and sold so it includes in work in progress |
||
| 309 | 1,270 | No | No | $1,200 |
Job 309 is not complete and sold so it includes in work in progress |
||
| 310 | 560 | No | No | $515 |
Job 310 is not complete and sold so it includes in work in progress |
||
| $13,540 | $3,625 | $7,860 |
$1,940 |
The balance in Work in progress is $ 3,625
The balance in Finished good Inventory is ($ 7,860 + $570 Beginning balance of Job 300) = $8,430
The balance in Cost of good sold is $ 1,940
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