4 Jok Costisg Read the summary infumation taicen fiom job cost sheets of Badlonk

Question

4 Jok Costisg Read the summary infumation taicen fiom job cost sheets of Badlonk Capiers, Inc. and amsner the questions hut follow. (SFOINTS) Job Number Costs as oftoring Costs for period October 31, 2014 November 1,2014 to November 30, 2014 S4 50 50 4,600 $6,500 34,700 $2,400 12 13 14 31,800 35,800 $3,200 Additional information: During November, Job numbers 13 and 14 were completed, and Job mmbers 11, 12 and 13 were delivered to customers As of November 30th, Job numbers 15 and 16 were still in process. Helpful Hint: Use the following codes to put next to the appropriate job mumber to help you answer the questions C Completed D = Delivered P- In process 1. The Work-in-process Inventory balance at October 31: $ 2. The Finished Goods Inventory balance at October 31: 3-The Cost of Goods Sold during November: 4. The Work-in-process Intentory balance at November 30: $ 5. The Finished Goods Inrentory balance at November 30:

Explanation / Answer

Job No 11 Job No 12 Job No 13 Job No 14 Job No 15 Job No 16 Beginning Balance as on Nov 1, 2014        4,300.00        2,200.00        1,800.00        5,800.00        3,200.00                     -   Manufacturing Cost Incurred in Nov                     -                       -          4,600.00        6,500.00        4,700.00        2,400.00 Ending Balance as on Nov 30, 2014        4,300.00        2,200.00        6,400.00     12,300.00        7,900.00        2,400.00 Staus as on Nov 30 2014 C & D C & D C & D C P P Answer 1. WIP Inventory at Oct 31 = $1,800 (Job 13) + $5,800 (Job 14) + $3,200 (Job 15) WIP Inventory at Oct 31 = $10,800 Answer 2. Finished Goods Inventory at Oct 31 = $4,300 (Job 11) + $2,200 (Job 12) Finished Goods Inventory at Oct 31 = $6,500 Answer 3. Cost of Goods Sold during Nov. = $4,300 (Job 11) + $2,200 (Job 12) + $6,400 (Job 13) Cost of Goods Sold during Nov. = $12,900 Answer 4. WIP Inventory at Nov 30 = $7,900 (Job 15) + $2,400 (Job 16) WIP Inventory at Nov 30 = $10,300 Answer 5. Finished Goods Inventory at Nov 30 = $12,300 (Job 14)

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