Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Salmon Company begins the month of July with $22,000 of work in process costs from Job 452 Information from job cost sheets shows the following

Salmon Company begins the month of July with $22,000 of work in process costs from Job 452 Information from job cost sheets shows the following additional costs assigned during July, August, and September of 2022. Manufacturing Costs Assigned Job No. July August September 452 $32,000 453 26,000 $32,000 $12,000 454 52,000 15,000 455 456 8,000 28,000 42,000 52,000 Jobs are sold during the month after completion. Job 452 was completed in July and sold during August Job 454 was completed in August and sold during September Jobs 453 and 455 were completed in September and will be sold during October. Total revenue for jobs sold during the 3-month period is $185,000 Instructions: W Calculate the balances of the Work-in-Process and Finished Goods Inventory accounts at the end of September Do NOT use $ signs. Use commas in numbers. (NO $10000) (NO 10000) (YES 10,000) Failure to follow these instructions WILL RESULT IN AN INCORRECT ANSWER. Work-In-Process at the end of September is Finished Goods at the end of September is Click Save and Submit to save and submit. Click Save All Annuers to save all answers

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Business Process Approach

Authors: Jane L. Reimers

1st Edition

0536633711, 978-0536633712

More Books

Students also viewed these Accounting questions

Question

8. Describe the steps in the development planning process.

Answered: 1 week ago