Sardin Company begins the month of March with $17,000 of work in process costs from Job 324. Information from job cost sheets shows the following additional costs assigned during March, April, and May of 2013: Manufacturing Costs Assigned March April May 324 $26,000 325 20,000 $28,000 $15,000 41,000 11,000 Job No. 326 327 328 Job 324 was completed in March. Jobs 325 and 327 were completed in May, and Job 326 was completed in April. Jobs are sold during the month after completion. Total revenue for jobs sold during the 3-month period is $145,000. Calculate the balances of the work in process. Work in process Job 328 16,000 34,000 $29,000 51,000 Job 325 Calculate finished goods inventory accounts at the end of May. Finished goods Job 327 85000 55000
Sardin Company begins the month of March with $17,000 of work in process costs from Job 324. Information from job cost sheets shows the following additional costs assigned during March, April, and May of 2013: Manufacturing Costs Assigned March April May 324 $26,000 325 20,000 $28,000 $15,000 41,000 11,000 Job No. 326 327 328 Job 324 was completed in March. Jobs 325 and 327 were completed in May, and Job 326 was completed in April. Jobs are sold during the month after completion. Total revenue for jobs sold during the 3-month period is $145,000. Calculate the balances of the work in process. Work in process Job 328 16,000 34,000 $29,000 51,000 Job 325 Calculate finished goods inventory accounts at the end of May. Finished goods Job 327 85000 55000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Sardin Company begins the month of March with $17,000 of work in process costs from Job 324. Information from job cost sheets shows the following additional costs assigned during March, April, and May of 2013:
Manufacturing Costs Assigned
March
April
May
$26,000
20,000 $28,000 $15,000
41,000 11,000
Job No.
324
325
326
327
328
Job 328
Job 324 was completed in March. Jobs 325 and 327 were completed in May, and Job 326 was completed in April. Jobs are sold during the month after completion. Total revenue for jobs sold during the 3-month period is $145,000.
Calculate the balances of the work in process.
Work in process
16,000
$29,000
Job 325
34,000
51,000
Job 327
Calculate finished goods inventory accounts at the end of May.
Finished goods
85000
55000
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