Solution Library

Calculation of Work In Progress And Finished Goods

Question

XYZ has the following job-cost records:

Total cost of

Job #  Date Started         Date Finished         Date Sold at June 30
220     May 18                 June 12                       June 20                 $6,000
221     May 20                 June 19                       June 21                 $4,000
222     June 7                  July 5                          July 12                  $7,000
223     June 10                June 28                        July 1                   $6,500
224     June 19                July 16                         July 25                  $8,000

REQUIRED:

1. Determine the ending WIP balance on June 30.
2. Determine the ending Finished Goods balance on June 30.
3. Determine the Cost of Goods Sold (COGS) for June.
4. Prepare the journal entries to account for the costs being transferred to finished goods and for the COGS in June.

Total Word Count 40

Download Full Solution

Comments

  • HWA
    Rasha

    this is a very good website

  • HWA
    maani

    I have 50 questions for the same test your page is showing only 28

  • HWA
    joeanne

    hi can you please help or guide me to answer my assignments. thanks

  • HWA
    joeanne

    hi can anyone help or guide me to my assignments. thanks

  • HWA
    Monik


  • HWA
    Cristina

    This solution is perfect ...thanks

  • HWA
    Janete

    Hello Allison,I love the 2nd image that you did! I also, had never heard of SumoPaint, is something that I will have to exolpre a bit! I understand completely the 52 (or so) youtube videos that you probably watched. Sometimes they have what you want, sometimes they don't! However, it is always satisfying when you are able to produce something that you have taught yourself. Great job!Debra 0 likes

  • HWA
    Sandeep

    Perfect bank of solution. 

  • HWA
    Oxana

    great !

  • HWA
    Paul Brandon-Fritzius

    thanks for the quick response. the solution looks good. :)

  • HWA
    tina Johnson

    thnx for the answer. it was perfect. just the way i wanted it. 

  • HWA
    Giuseppe

    works fine.