Exercise 5-18 Balance of Work in Process and Finished Goods, Cost of Goods Sold Hung Lee Company uses job-order costing. At the end of the month, the following information was gathered: Job Total Cost Complete? Sold? 301 $ 610 Yes No 302 1,300 Yes Yes 303 460 No No 304 2,670 Yes No 305 3,800 Yes No 306 230 No No 307 300 Yes Yes 308 650 No No 309 1,035 No No 310 217 No No The beginning balance of Finished Goods was zero. 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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Chapter1: Financial Statements And Business Decisions
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Exercise 5-18 Balance of Work in Process and Finished Goods, Cost of Goods Sold
Hung Lee Company uses job-order costing. At the end of the month, the following information
was gathered:
Job
Total Cost
Complete?
Sold?
301
$ 610
Yes
No
302
1,300
Yes
Yes
303
460
No
No
304
2,670
Yes
No
305
3,800
Yes
No
306
230
No
No
307
300
Yes
Yes
308
650
No
No
309
1,035
No
No
310
217
No
No
The beginning balance of Finished Goods was zero.
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.
Transcribed Image Text:Exercise 5-18 Balance of Work in Process and Finished Goods, Cost of Goods Sold Hung Lee Company uses job-order costing. At the end of the month, the following information was gathered: Job Total Cost Complete? Sold? 301 $ 610 Yes No 302 1,300 Yes Yes 303 460 No No 304 2,670 Yes No 305 3,800 Yes No 306 230 No No 307 300 Yes Yes 308 650 No No 309 1,035 No No 310 217 No No The beginning balance of Finished Goods was zero. 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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