Flow of Costs in Job Order Costing The information below was taken from the jobc

Question

Flow of Costs in Job Order Costing The information below was taken from the jobcost sheets of Bates Company. During July, jobs no. 103 and 104 were completed, and jobs no. 101,102, and 104 were delivered to customers, Jobs no. 105 and 106 are still in process at July 31. From this information, compute the following: The work in process inventory at June 30. he finished goods inventory at June 30. The cost of goods sold during July. The work in process inventory at July 31. The finished goods inventory at July 31.

Explanation / Answer

a)WIP at june 30 =900(job no. 103 ) +2250 (job no.104 ) = 3150

b)Finished goods at june 30 = 4200+3240 = $ 7440

c) Cost of goods sold = job101 + job 102 + job 104

                                      = 4200+3240 + (2250+4000)

                                      = 13690

d)Work in process at july = job 105 +job 106

                                              = 6000+3700

                                            = 9700

e)Finished goods at july 31 = job 103 = $ 900 + 2000 = $ 2900

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