Question
Use the following to answer next 2 questions: The Lee Company uses a job-order cost system. The following data were recorded for June: 1-Jun Work
Use the following to answer next 2 questions: The Lee Company uses a job-order cost system. The following data were recorded for June:
1-Jun Work in Process Costs Added During June
Job No. Inventory Direct Material Direct Llabor
235 $3,000 $960 $480
236 $1,800 $1,200 $1,200
237 $1,200 $1,680 $2,100
238 $960 $2,040 $2,700
Overhead is charged to production at 60% of direct labor cost. Jobs 235, 237, and 238 were completed during June and transferred to finished goods. Jobs 235 and 238 have been delivered to customers. 1. Compute Lee Company's cost of goods sold for June.
2. Compute Lee's Work in Process inventory balance on June 30th.
3. Compute Lee's FG inventory balance on June 30th.
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