The following summary data are from the job order cost sheets of Hannpton Compan

Question

The following summary data are from the job order cost sheets of Hannpton Company Total Production Costs Added in May Dates Total costs Assigned Job Started Finished Shipped at April 30 4/10 4/205/9 $7,300 2 4/18 4/305/20 5,400 $5, 7UU 4,800 2,600 3,800 6/3 3,600 4/28 5/20 5/15 6/10 /20 5/22 6/18 6/28 Using the above data, compute (a) the finished goods inventory at Mayy 1 and May 31, (t the cost of goods sold for May. Hampton began operations with Job 1. a. Finished goods inventory at May 1: $ 0 Finished goods inventory at May 31: b. Work in process inventory at May 1: s Work in process inventory at May 31: $ .Cost of goods sold for May Check

Explanation / Answer

Req a: Finished Goods inventory at May1: Job 1 7300 Job 2 5400 FG inventory May 1 12700 Finished Goods inventory May 31: Job 4 (3600+4800) 8400 FG inventory May 31 8400 Rreq b: WIP inventory at May1: Job 3 2900 Job 4 3600 WIP inventory at May1: 6500 WIP inventory at May 31 Job 5 2600 Job 6 3800 WIP inventory at May 31 6400 Req c: Cost of goods sold May month Job 1 7300 Job 2 5400 Job 3 (2900+5700) 8600 Cost of goods sold May month 21300

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