Corporation uses a job order accounting system. At the end of current month, February, 2020, Judy,...
Corporation uses a job order accounting system. At the end of current month, February, 2020, Judy, a staff accountant complied the following data from the job cost sheets prepared for the jobs the company have worked or been working.
|
Job order number |
Date started |
Date finished |
Date sold |
Total product costs incurred up to date |
|
100 |
12/15/2019 |
12/29/2019 |
12/30/2019 |
$1,400 |
|
101 |
12/20/2019 |
1/3/2020 |
1/10/2020 |
$1,700 |
|
102 |
12/30/2019 |
$3,050 |
||
|
103 |
1/10/2020 |
1/16/2020 |
1/18/2020 |
$800 |
|
104 |
1/30/2020 |
2/6/2020 |
2/8/2020 |
$1,000 |
|
105 |
2/4/2020 |
2/15/2020 |
$2,050 |
Which of the following correctly shows the balance of Work In Process as of the end of February 2020?
1 $2,050
2 $5,050
3 $0
4 $3,050
Which of the following correctly shows the balance of Finished Goods as of the end of February 2020?
1 $2,050
2 $3,050
3 $5,050
4 $6,950
Homework Answers
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1) Option (4) $3,050 is the correct answer.
2) Option (1) $2,050 is the correct answer.
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