Question

At January 1, 2020, Betty DeRose, Inc. reported work in process totaling $18,670.
This balance was made up of three jobs having the following costs:

                                    Job #171      Job #236      Job #412
  total cost at Jan. 1, 2020 .....   $4,390        $6,370        $7,910

During 2020, Betty DeRose reported the following transactions:

a. Direct materials used were: Job #171, $6,700; Job #236, $4,100; and
   Job #412, $3,900.
b. Direct labor incurred was: Job #171, $5,000; Job #236, $2,800; and
   Job #412, $3,000.
c. Overhead was applied to jobs at a rate of 85% of direct materials used.
d. Job #171, which consisted of 100 units, was completed and transferred
   to the finished goods warehouse.
e. Job #412, which consisted of 250 units, was completed and transferred
   to the finished goods warehouse.
f. 40 units from Job #171 were sold and shipped to the customer; the 40
   units were sold at a total selling price of $12,000.
g. The actual overhead cost incurred during 2020 amounted to $10,000.

Calculate Betty's finished goods inventory balance at December 31, 2020.

Answer 1

Finished Goods Inventory
Particulars	Unit	Rate	Amount	Particulars	Unit	Rate	Amount
d)	100	$ 217.85	$ 21,785.00	f)	40	$ 217.85	$   8,714.00
e)	250	$   72.50	$ 18,125.00	End. Bal
				Job #171	60	$ 217.85	$ 13,071.00
				Job #412	250	$   72.50	$ 18,125.00
Total			$ 39,910.00	Total			$ 39,910.00
Therefore, Finished Goods Inventory =				$ 13071 + $ 18125
			=	$ 31,196.00

Workings:

Particulars			Job #171	Job #236	Job #412	Total
Beginning WIP			$   4,390.00	$   6,370.00	$   7,910.00	$ 18,670.00
Direct Materials			$   6,700.00	$   4,100.00	$   3,900.00	$ 14,700.00
Direct Labor			$   5,000.00	$   2,800.00	$   3,000.00	$ 10,800.00
OH applied			$   5,695.00	$   3,485.00	$   3,315.00	$ 12,495.00
Total Cost			$ 21,785.00	$ 16,755.00	$ 18,125.00	$ 56,665.00
Units			100		250
Cost per unit			$      217.85		$        72.50

Let me know if you find this incorrect