Question

Clear Construction has the following jobs:

                               39A               40B                 41C            42D

Beg. Goods in Process $100,000    $50,000

Direct Materials               80,000        70,000          50,000             30,000

Direct Labor                    50,000        80,000          60,000             40,000

Overhead                       25,000        40,000          30,000              20,000

Total Job Costs          $255,000       $240,000      $140,000          $90,000

Job status                 sold                completed      completed          in process

Using the data above (NO JOURNAL ENTRIES NEEDED), determine the account balances for Work (or Goods) in Process Inventory, Finished Goods Inventory and Cost of Goods Sold by determining where each of the jobs would appear.  Show the job numbers in your answers.

Answer 1

	39A	40B	41C	42D
Beg. Goods In process	$100,000	$50,000
direct Material	80000	70000	50000	30000
Direct Labor	50000	80000	60000	40000
Overhead	25000	40000	30000	20000
Total Job costs	$255,000	$240,000	$140,000	$90,000
Job status	Sold	Finished Goods Inventory	Finished Goods Inventory	Work in process
		Amt
Work In Process Inventory (Job 42D)		$90,000
Finished Goods Inventory
Job 40B	$240,000
Job 41C	$140,000	$380,000
Cost of Good sold (Job 39A)	$255,000

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