Question
Gandalf Fireworks Spectacular (GFS) manufacturers custom fireworks for special events. They utilize a job-order costing system for accumulating the product costs for each set of
Gandalf Fireworks Spectacular (GFS) manufacturers custom fireworks for special events. They utilize a job-order costing system for accumulating the product costs for each set of custom fireworks. They had four ongoing jobs during the month, which are summarized below.
Job F-100 | Job F-200 | Job F-300 | Job F-400 | |
Beginning balance | $1,500 | $1,800 | $2,200 | $1,600 |
Direct materials | $3,000 | $2,900 | $4,000 | $3,200 |
Direct labor | $6,250 | $4,900 | $5,700 | $4,500 |
Manufacturing overhead | $2,900 | $3,100 | $2,600 | $2,800 |
Ending balance | $13,650 | $12,700 | $14,500 | $12,100 |
1.At the end of the month, Job F-100 and F-300 had been sold. Job F-200 was still in progress. Job F-400 was finished but unsold. Based on this information, what is the reported amount for the work in process ending balance? Please provide your answer to the nearest whole dollar. Do not use the "$" sign.
2 What is the reported amount for cost of goods sold? Please provide your answer to the nearest whole dollar. Do not use the "$" sign.
3.Based on this information, what is the reported amount for the finished goods ending balance? Please provide your answer to the nearest whole dollar. Do not use the "$" sign.
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