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 $1,500 Yes
-
Derry Company uses job-order costing. At the end of the month, the following information was gathered:
Job # Total Cost Complete? Sold? 301 $1,500 Yes No 302 1,100 Yes Yes 303 820 No No 304 2,380 Yes No 305 4,150 Yes No 306 360 No No 307 680 Yes Yes 308 510 No No 309 1,300 No No 310 580 No No The beginning balance of Finished Goods was $370, 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