Job cost sheets show the following information: Job January February March Completed Sold AA2 $2500 $1200   February not sold AA4 $4838     January february AA5   $3250   February march AA3   $3409 $2319 april not sold Total $7338 $7859 $2319       Required: a) Which job(s) are still in process at the end of January, and what is the cost of this job(s)?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Job cost sheets show the following information:

Job January February March Completed Sold
AA2 $2500 $1200   February not sold
AA4 $4838     January february
AA5   $3250   February march
AA3   $3409 $2319 april not sold
Total $7338 $7859 $2319    

 

Required:

a) Which job(s) are still in process at the end of January, and what is the cost of this job(s)?

b) Which job(s) were completed at the end of February, and what is the cost of this completed job(s)?

c) What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for March?

d) How does job costing in a service organization differ from job costing in a manufacturing organization?

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