Question

ierney Company begins operations on April 1. Information from job cost sheets shows the following. Manufacturing Costs Assigned Job Number April May June Month Completed 10 $6,100 $6,200 May 11 5,900 5,800 $3,800 June 12 1,400 April 13 5,100 5,600 June 14 6,800 4,600 Not complete Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion. (a) What is the balance in Work in Process Inventory at the end of each month

Answer 1

Answer and Explanation:

The computation of the ending balance of the work in process is shown below:

For April month

= $6,100 + $5,900

= $12,000

For May month

= $5,900 + $5,800 + $5,100 + $6,800

= $23,600

For June month

= $6,800 + $4,600

= $11,400

In this way the ending work in process is to be calculated for each month and the same is to be considered