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Solution Library
Calculation of Work In Progress And Finished Goods
Question
XYZ has the following job-cost records:
Total cost of
Job # Date Started Date Finished Date Sold at June 30
220 May 18 June 12 June 20 $6,000
221 May 20 June 19 June 21 $4,000
222 June 7 July 5 July 12 $7,000
223 June 10 June 28 July 1 $6,500
224 June 19 July 16 July 25 $8,000
REQUIRED:
1. Determine the ending WIP balance on June 30.
2. Determine the ending Finished Goods balance on June 30.
3. Determine the Cost of Goods Sold (COGS) for June.
4. Prepare the journal entries to account for the costs being transferred to finished goods and for the COGS in June.
Total Word Count 40
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