In addition, jobs were completed and awaiting shipment: Cost incurred as of 12/31/2017 Job 341 Job 342 Job 343 Job 344 $1,900 3,100 2,300 4,900 Enter your answers as amounts only with neither commas nor decimals. What are the beginning and ending balances in Work in Process Inventory? Beginning WIP $ Ending WIP $ What are the beginning and ending balances in Finished Goods Inventory? Beginning FG $ Ending FG $ What is Cost of Goods Sold? COGS $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In addition, four jobs were completed and awaiting shipment:
Cost incurred as of 12/31/2017
Job 341
Job 342
Job 343
Job 344
$1,900
3,100
2,300
4,900
Enter your answers as amounts only with neither commas nor decimals.
What are the beginning and ending balances in Work in Process Inventory?
Beginning WIP $
Ending WIP $
What are the beginning and ending balances in Finished Goods Inventory?
Beginning FG $
Ending FG $
What is Cost of Goods Sold?
COGS $
Transcribed Image Text:In addition, four jobs were completed and awaiting shipment: Cost incurred as of 12/31/2017 Job 341 Job 342 Job 343 Job 344 $1,900 3,100 2,300 4,900 Enter your answers as amounts only with neither commas nor decimals. What are the beginning and ending balances in Work in Process Inventory? Beginning WIP $ Ending WIP $ What are the beginning and ending balances in Finished Goods Inventory? Beginning FG $ Ending FG $ What is Cost of Goods Sold? COGS $
At the start of 2017, three jobs were in process:
Cost incurred as of 1/1/2017
Job 258
$5,000
Job 259
8,200
Job 260
4,300
Also at the start of 2017, one job was completed and awaiting shipment:
Cost incurred as of 1/1/2017
Job 257
$8,000
During 2017, the company incurred the following costs:
Direct material
$820,000
Direct labor
1,640,000
Manufacturing overhead 2,350,000
At the end of 2017, two jobs were in process:
Cost incurred as of 12/31/2017
Job 345
Job 346
$2,900
5,400
In addition, four jobs were completed and awaiting shipment:
Cost incurred as of 12/31/2017
Job 341
Job 342
Job 343
Job 344
$1,900
3,100
2,300
4,900
Enter your answers as amounts only with neither commas nor decimals.
What are the beginning and ending balances in Work in Process Inventory?
Beginning WIP $
Ending WIP $
Transcribed Image Text:At the start of 2017, three jobs were in process: Cost incurred as of 1/1/2017 Job 258 $5,000 Job 259 8,200 Job 260 4,300 Also at the start of 2017, one job was completed and awaiting shipment: Cost incurred as of 1/1/2017 Job 257 $8,000 During 2017, the company incurred the following costs: Direct material $820,000 Direct labor 1,640,000 Manufacturing overhead 2,350,000 At the end of 2017, two jobs were in process: Cost incurred as of 12/31/2017 Job 345 Job 346 $2,900 5,400 In addition, four jobs were completed and awaiting shipment: Cost incurred as of 12/31/2017 Job 341 Job 342 Job 343 Job 344 $1,900 3,100 2,300 4,900 Enter your answers as amounts only with neither commas nor decimals. What are the beginning and ending balances in Work in Process Inventory? Beginning WIP $ Ending WIP $
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