Derry Company uses job-order costing. At the end of the month, the following information was gathered: Job # Total Cost Complete? Sold? 301 $1,630   Yes No 302 1,250   Yes Yes 303 760   No No 304 2,310   Yes No 305 4,110   Yes No 306 330   No No 307 690   Yes Yes 308 540   No No 309 1,100   No No 310 400   No No The beginning balance of Finished Goods was $430, consisting of Job 300, which was not sold by the end of the month. Required: 1.  Calculate the balance in Work in Process at the end of the month. $ 2.  Calculate the balance in Finished Goods at the end of the month. $ 3.  Calculate Cost of Goods Sold for the month.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Balance of Work in Process and Finished Goods, Cost of Goods Sold

Derry Company uses job-order costing. At the end of the month, the following information was gathered:

Job # Total Cost Complete? Sold?
301 $1,630   Yes No
302 1,250   Yes Yes
303 760   No No
304 2,310   Yes No
305 4,110   Yes No
306 330   No No
307 690   Yes Yes
308 540   No No
309 1,100   No No
310 400   No No

The beginning balance of Finished Goods was $430, consisting of Job 300, which was not sold by the end of the month.

Required:

1.  Calculate the balance in Work in Process at the end of the month.
$

2.  Calculate the balance in Finished Goods at the end of the month.
$

3.  Calculate Cost of Goods Sold for the month.
$

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