Use the dates above to identify the status of each job. Compute the following balances forThrifty:a. Work-in-Process Inventory atAugust31b. Finished Goods Inventory atAugust31c. Cost of Goods Sold for The table presented provides detailed information on job statuses and costs as of August 31. It includes columns for the job number, start date, finish date, sold date, total cost of the job by August 31, and the job status at that date. Here is a breakdown of each column's data:1. **Job No.**: Sequential numbering of jobs (1 to 4). 2. **Date**: - **Started**: Date each job commenced. - Job 1: July 21 - Job 2: July 29 - Job 3: August 3 - Job 4: August 7 - **Finished**: Date each job was completed. - Job 1: August 16 - Job 2: August 21 - Job 3: September 11 - Job 4: August 29 - **Sold**: Date each job was sold. - Job 1: August 17 - Job 2: August 26 - Job 3: September 13 - Job 4: September 13. **Total Cost of Job at August 31**: Monetary amount representing the cost incurred by the end of August for each job. - Job 1: $3,100 - Job 2: $13,100 - Job 3: $6,800 - Job 4: $4,4004. **Status of Job at August 31**: A column intended for notes on each job's current status by the end of August, which remains unfilled in the table.This table serves as a record-keeping tool for monitoring project timelines, costs, and completion status as of a specific date. **Data Table Explanation**The table provides detailed information on various jobs, including their start and finish dates, the date they were sold, and the total cost of each job as of August 31.- **Job No. 1** - **Started:** July 21 - **Finished:** August 16 - **Sold:** August 17 - **Total Cost of Job at August 31:** $3,100- **Job No. 2** - **Started:** July 29 - **Finished:** August 21 - **Sold:** August 26 - **Total Cost of Job at August 31:** $13,100- **Job No. 3** - **Started:** August 3 - **Finished:** September 11 - **Sold:** September 13 - **Total Cost of Job at August 31:** $6,800- **Job No. 4** - **Started:** August 7 - **Finished:** August 29 - **Sold:** September 1 - **Total Cost of Job at August 31:** $4,400This tabular representation helps track the timeline and financial details of each project efficiently.

The Jobs that are completed at end of the accounting period are recorded as finished goods inventory…

Job No. 1 July 21 2 July 29 3 August 3 4 August 7 Started Date Finished Sold August 17 August 26 September 11 September 13 August 29 September 1 August 16 August 21 $ Total Cost of Job at August 31 3,100 13,100 6,800 4,400 Status of Job at August 31

Job No. 1 July 21 2 July 29 3 August 3 4 August 7 Started Date Finished Sold August 17 August 26 September 11 September 13 August 29 September 1 August 16 August 21 $ Total Cost of Job at August 31 3,100 13,100 6,800 4,400 Status of Job at August 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What is the balance work in process inventory at the end of the month
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