NAME: ACC 203 FS18 EXAM CHAPTERS 14-17 DUE MONDAY 1/2/18 at 12.30 3, 15 Points)
ID: 2395554 • Letter: N
Question
NAME: ACC 203 FS18 EXAM CHAPTERS 14-17 DUE MONDAY 1/2/18 at 12.30 3, 15 Points) The Luna Manufacturing Company has the following job cost sheets on file. represent jobs that have been worked on during September of the current year. This table summarizes information provided on each sheet: They NumberTotal Cost 951 952 53 954 tatus of Job inished and delivered Unfinished Finished and unsold Finished and delivered Finished and unsold 56 57 58 59 60 61 962 63 $ 4,200 7,700 S 9,300 S11,100 3,000 5,500 $35,000 3,200 500 22,110 7,200 8,500 11,200 inished and delivered nfinished Finished and delivered Unfinished Unfinished Finished and delivered Unfinished Finished and unsold (a) What is the cost of the Work in Process inventory on September 30? (b) What is the cost of the finished goods inventory on September 30? (c) What is the cost of goods sold for the month of September?Explanation / Answer
Answer to Question 3:
Answer a.
Work in Process Inventory includes Jobs with unfinished status.
Cost of Work in Process Inventory = $7,700 + $35,000 + $500 + $22,110 + $8,500
Cost of Work in Process Inventory = $73,810
Answer b.
Finished Goods Inventory includes jobs with finished and unsold status.
Cost of Finished Goods Inventory = $9,300 + $3,000 + $11,200
Cost of Finished Goods Inventory = $23,500
Answer c.
Cost of Goods Sold includes jobs with finished and delivered status.
Cost of Goods Sold = $4,200 + $11,100 + $5,500 + $3,200 + $7,200
Cost of Goods Sold = $31,200
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