There are three places that product costs can be: 1) Work in Process (WIP), 2) Finished Goods inventory (FG), and 3) Cost of Goods Sold (COGS). The first two costs are on the balance sheet, and the third is transferred out of FG inventory into COGS on the income statement upon the sale of the product. From the start of making the product until completion of the product, the costs are in WIP. From completion until sale, the costs are in FG, and upon the sale of the product the costs go to COGS on the income statement. By looking at the date started, date finished, and the date sold will help to determine where the costs of the product are in the process. Knowing this, consider the following: Paper Box Maker manufactures corrugated paper boxes. It uses a job order costing system. Operating data for February and March are as follows:

job	date started	date finished	date sold	totoal mfg cost @ 2/28	total mfg cost in March
613	28-Jan	5-Feb	15-Feb	12,500.00
614	5-Feb	17-Feb	20-Feb	17,200.00
615	20-Feb	27-Feb	5-Mar	18,500.00
616	25-Feb	10-Mar	20-Mar	10,100.00	13,400.00
734	21-Feb	15-Mar	1-Apr	4,300.00	8,200.00
735	27-Feb	1-Apr	9-Apr	9,100.00	2,400.00
736	2-Mar	22-Mar	19-Apr		16,300.00
617	15-Mar	20-Mar	26-Mar		19,200.00
618	22-Mar	5-Apr	15-Apr		14,400.00

The factory was closed for annual maintenance until 1/28, when job #613 was started. There were no other jobs in the plant at that time.

Using the data as presented above calculate the following amounts: o Work-in-process inventory as of 2/28. o Work-in-process inventory as of 3/31. o Finished goods inventory as of 2/28. o Finished goods inventory as of 3/31. o Cost of goods sold for February. o Cost of goods sold for March.

Work-in-Process			Finished Goods		Cost of Goods
Inventory			Inventory		Sold
Month
Ending	Job #	Cost	Job #	Cost	Job #	Cost
		$0				$0
		$0		$0		$0