Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sardin Company begins the month of March with $17,000 of work in process costs from Job 324. Information from job cost sheets shows the following

Sardin Company begins the month of March with $17,000 of work in process costs from Job 324. Information from job cost sheets shows the following additional costs assigned during March, April, and May of 2013: Job 324 was completed in March. Jobs 325 and 327 were completed in May, and Job 326 was completed in April. Jobs are sold during the month after completion. Total revenue for jobs sold during the 3-month period is $145,000. Calculate the balances of the work in process. Calculate finished goods inventory accounts at the end of May.

image text in transcribed

Sardin Company begins the month of March with $17,000 of work in process costs from Job 324. Information from job cost sheets shows the following additional costs assigned during March, Apri, and May of 2013: Manufacturing Costs Assigne April Job No. March Ma 324 $26,000 325 326 327 328 20,000 $28,000 $15,000 41,000 11,000 16,000 34,000 $29,000 51,000 Job 324 was completed in March. Jobs 325 and 327 were completed in May, and Job 326 was completed in April. Jobs are sold during the month after completion. Total revenue for jobs sold during the 3-month period is $145,000 Calculate the balances of the work in process Work in process Job 328 85000 Calculate finished goods inventory accounts at the end of May Finish Job 325 63000 Job 327 55000

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

Students also viewed these Accounting questions

Question

What are the challenges associated with tunneling in urban areas?

Answered: 1 week ago

Question

What are the main differences between rigid and flexible pavements?

Answered: 1 week ago

Question

What is the purpose of a retaining wall, and how is it designed?

Answered: 1 week ago

Question

How do you determine the load-bearing capacity of a soil?

Answered: 1 week ago

Question

what is Edward Lemieux effect / Anomeric effect ?

Answered: 1 week ago

Question

Distinguish between filtering and interpreting. (Objective 2)

Answered: 1 week ago