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