DETERMINE WORK IN PROCESS AND FINISHED GOODS BALANCES (22 points) Bryan Manufact
ID: 2446775 • Letter: D
Question
DETERMINE WORK IN PROCESS AND FINISHED GOODS BALANCES (22 points) Bryan Manufacturing begins operations on March 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned (non-cumulative) Job March April May A $11,500 B $ 5,200 $7,300 C $ 3,400 $5,800 $4,200 D $7,100 $8,000 E $3,400 Job A was completed in March. Job B was completed in April. Job C was completed in May. Each job was sold in the month following completion. Instructions: Determine the following amounts: 1. Work in process inventory, March 31 $_______________ 2. Finished goods inventory, March 31 $_______________ 3. Work in process inventory, April 30 $_______________ 4. Finished goods inventory, April 30 $_______________ 5. Work in process inventory, May 31 $_______________ 6. Finished goods inventory, May 31 $_______________
Explanation / Answer
1)WIP = 5800+3400 = 8600
2)Finished goods= 11500
3)WIP= 5800+3400+7100 = $ 16300
4)FG = 5200 +7300 = $ 12500
5)WIP = 7100 +8000 +3400 = $ 18500
6)FG = 3400+5800+4200 = 13400
**It is not given whether job D and E are completed or not ..so I assumed both jobs are not completed.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.