Question

The information below was taken from the job cost sheets of Bates Company. Job Number Manufacturing...

The information below was taken from the job cost sheets of Bates Company.

Job Number Manufacturing Costs as of June 30 Manufacturing
Costs in July
101 $ 4,100
102 3,200
103 920 $ 2,000
104 2,100 4,500
105 5,700
106 3,800

During July, jobs no. 103 and 104 were completed, and jobs no. 101, 102, and 104 were delivered to customers. Jobs no. 105 and 106 are still in process at July 31.

a. Compute the work in process inventory at June 30.

b. Compute the finished goods inventory at June 30.

c. Compute the cost of goods sold during July.

d. Compute the work in process inventory at July 31.

e. Compute the finished goods inventory at July 31.

Business   Accounting   
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Answer #1

a)Work in Process at June 30-

Job No 103-920

Job No 104-2100

Total            3020

b)Finished Goods at June 30-

Job No 101-4100

Job No 102-3200

Job No 104-2100

Total            9400

c)COGS during July-

Job No 101-4100

Job No 102-3200

Job No 104-2100

Total            9400

d)Work in Process at July 31-

Job No 105-5700

Job No 106-3800

Total            9500

e)Finished Goods Inventory as at July 31-

Job No 103- 920

Total             920

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