Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Derry Company uses job-order costing. At the end of the month, the following information was gathered: Job # Total Cost Complete? Sold? 301 $1,690
Derry Company uses job-order costing. At the end of the month, the following information was gathered: Job # Total Cost Complete? Sold? 301 $1,690 Yes OU No 302 1,140 Yes Yes 303 740 No 304 2,170 Yes 305 4,180 Yes 306 400 No < 307 680 Yes 308 540 309 1,280 470 2 2 2 2 No 222 22 No No No No Yes No No No No 310 The beginning balance of Finished Goods was $540, 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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started