Clear Construction has the following jobs: 39A 40B 41C 42D Beg. Goods in Process

Question

Clear Construction has the following jobs:

                               39A               40B                 41C            42D

Beg. Goods in Process $100,000    $50,000

Direct Materials               80,000        70,000          50,000             30,000

Direct Labor                    50,000        80,000          60,000             40,000

Overhead                       25,000        40,000          30,000              20,000

Total Job Costs          $255,000       $240,000      $140,000          $90,000

Job status                 sold                completed      completed          in process

Using the data above (NO JOURNAL ENTRIES NEEDED), determine the account balances for Work (or Goods) in Process Inventory, Finished Goods Inventory and Cost of Goods Sold by determining where each of the jobs would appear.  Show the job numbers in your answers.

Explanation / Answer

39A 40B 41C 42D Beg. Goods In process $100,000 $50,000 direct Material 80000 70000 50000 30000 Direct Labor 50000 80000 60000 40000 Overhead 25000 40000 30000 20000 Total Job costs $255,000 $240,000 $140,000 $90,000 Job status Sold Finished Goods Inventory Finished Goods Inventory Work in process Amt Work In Process Inventory (Job 42D) $90,000 Finished Goods Inventory Job 40B $240,000 Job 41C $140,000 $380,000 Cost of Good sold (Job 39A) $255,000 If any doubt please comment. If satisfied you can rate

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.