Sardin Company begins the month of March with $17,000 of work in process costs f

Question

Sardin Company begins the month of March with $17,000 of work in process costs from Job 324. Information from job cost sheets shows the following additional costs assigned during March, April, and May of 2013: Job 324 was completed in March. Jobs 325 and 327 were completed in May, and Job 326 was completed in April. Jobs are sold during the month after completion. Total revenue for jobs sold during the 3-month period is $145,000. Calculate the balances of the work in process. Calculate finished goods inventory accounts at the end of May.

Sardin Company begins the month of March with $17,000 of work in process costs from Job 324. Information from job cost sheets shows the following additional costs assigned during March, Apri, and May of 2013: Manufacturing Costs Assigne April Job No. March Ma 324 $26,000 325 326 327 328 20,000 $28,000 $15,000 41,000 11,000 16,000 34,000 $29,000 51,000 Job 324 was completed in March. Jobs 325 and 327 were completed in May, and Job 326 was completed in April. Jobs are sold during the month after completion. Total revenue for jobs sold during the 3-month period is $145,000 Calculate the balances of the work in process Work in process Job 328 85000 Calculate finished goods inventory accounts at the end of May Finish Job 325 63000 Job 327 55000

Explanation / Answer

Particulars Job 324 Job 325 Job 326 Job 327 Job 328 Opening Work In process 17000 March 26000 20000 41000 April 28000 11000 16000 29000 May 15000 34000 51000 Total Cost 43000 63000 52000 50000 80000 Status Completed Completed Completed Completed Not completed yet Month of competion March May April May Work in process Balance work in process 80000 Finished goods inventory at may ( Jobs completed in may) Job 325 63000 Job 327 50000

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