Question

Hill Company uses job-order costing. At the end of the month, the following data was gathered: Job # Total Cost Complete? Sold? 803 $611 yes yes 804 423 yes no 805 805 no no 806 682 yes yes 807 525 yes no 808 250 no no 809 440 yes yes 810 773 yes no 811 267 no no 812 341 no no Hill's selling price is cost plus 50% for each of its products. What is the total in Finished Goods?

a.$1,860
b.$1,721
c.$1,700
d.$2,163
e.$2,230

Answer 1

option (b) $1,721

Step-by-step explanation:

Given:

Job # Total Cost Complete Sold

803 $611 yes yes

804 $423 yes no

805 $805 no no

806 $682 yes yes

807 $525 yes no

808 $250 no no

809 $440 yes yes

810 $773 yes no

811 $267 no no

812 $341 no no

Now,

The total in Finished Goods will be the jobs that are completed and not sold

thus,

The total in Finished Goods = $423 + $525 + $773 = $1,721

Hence,

The correct answer is option (b) $1,721