Question

.Balance of Work in Process and Finished Goods, Cost of Goods Sold Derry Company uses job-order costing. At the end of the month, the following information was gathered: Job # Total Cost Complete? Sold? 301 $1,600 Yes No 302 1,240 Yes Yes 303 780 No No 304 2,300 Yes No 305 4,150 Yes No 306 350 No No 307 710 Yes Yes 308 620 No No 309 1,200 No No 310 515 No No The beginning balance of Finished Goods was $300, consisting of Job 300, which was not sold by the end of the month.Required:1. Calculate the balance in Work in Process at the end of the month.$2. Calculate the balance in Finished Goods at the end of the month.$3. Calculate Cost of Goods Sold for the month.$

Answer 1

Answer:

1. $3,465

2. $1,950

3. $8,050

Explanation:

The computation is shown below:

1. The balance in Work in Process at the end of the month is shown below:

= Job 303 + Job 306 + Job 308 + Job 309 + Job 310

= $780 + $350 + $620 + $1,200 + $515

= $3,465

2. The balance in Finished Goods at the end of the month is shown below:

= Job 302 + Job 307

= $1,240 + $710

= $1,950

3. The Cost of Goods Sold for the month is given below:

= Job 301 + Job 304 + Job 305

= $1,600 + $2,300 + $4,150

= $8,050