Question

At the beginning of June, the Jones Company had two jobs in the Work in Process Inventory account. Job A had costs of $500 already on its job cost sheet. During June, Job A incurred additional costs of $750 and was completed. Job B had $350 on its job cost sheet at the start of June, and during the month another $600 was added. Job B was still not finished at the end of June. What was the Jones Company’s Work in Process Inventory account balance on June 30?

Answer 1

Work in Process Inventory account balance on June 30 is $950.

Step-by-step explanation:

Here i will calculate the balance of Work in Process Inventory account using missing figure technique in Work In Process T - Account.

Calculation of Work in Process Inventory account balance

Work In Process T - Account

Debit :

Beginning Work in Process (Job A) $500

Beginning Work in Process (Job B) $350

Manufacturing Costs incurred (Job A) $750

Manufacturing Costs incurred (Job B) $600

Totals $2,200

Credit :

Transferred to Finished Goods (Job A) $1,250

Ending Work In Process (Job B) (Balancing figure) $950

Totals $2,200