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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
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 Cost | Complete? | Sold? | |
301 | $1,560 | Yes | No | |
302 | 1,210 | Yes | Yes | |
303 | 880 | No | No | |
304 | 2,490 | Yes | No | |
305 | 4,140 | Yes | No | |
306 | 430 | No | No | |
307 | 650 | Yes | Yes | |
308 | 550 | No | No | |
309 | 1,180 | No | No | |
310 | 410 | No | No |
The beginning balance of Finished Goods was $380, consisting of Job 300 which was not sold by the end of the month.
Required:
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. $
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