James Incorporated reported the following information: On January 31, 2012: Job

Question

James Incorporated reported the following information: On January 31, 2012: Job #101 was the only job in process (partially completed) with accumulated total manufacturing costs of $6,000 and non-manufacturing cost of $19,000. During February the following costs were added: On February 28, 2012: ob #101 was completed and sold for $100, 00. Job #102 was completed but not sold. Job #103 remains in production. The work-in-process inventory on February 28, 2012 (EWIP) is: A. $55,000 B. $39,000 C. $14,000 D. $30, 000 The finished goods inventory on February 28, 2012 is: A. $55,000 B. $39,000 C. $14,000 D. $16,000 The cost of goods manufactured for February is: A. $55,000 B. $39,000 C. $14,000 D. $42,000 E. $20, 000

Explanation / Answer

11 C. $14000 , job#103 still remains in the production process, and for work in progress only manufacturing cost is considered

12 D.$16000 , Job #102 is completed ,but not sold , that means it is available for sale , only direct cost related to finished goods is considered for ending inventory

13. D.$42000

beginning work in progress #101 6000

Add: manufacturing cost (20000+16000+ 14000) 50000

less: ending work in progress 14000

42000

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