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What was the value of closing work in progress?

What was the value of closing work in progress?

FINANCIAL ACCOUNTING
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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Job Costing - T Accounts Practice Problem 9 A firm uses job costing and recovers overheads on direct labour. Three jobs were worked on during a period, the details of which are as follows. Job 1 2$ 8,500 17,150 12,500 Job 2 Job 3 $ $ 46,000 Opening work in progress Material in period Labour for period 29,025 23,000 4,500 The overheads for the period were exactly as budgeted, $140,000. Jobs 1 and 2 were the only incomplete jobs. What was the value of closing work in progress?
Transcribed Image Text:Job Costing - T Accounts Practice Problem 9 A firm uses job costing and recovers overheads on direct labour. Three jobs were worked on during a period, the details of which are as follows. Job 1 2$ 8,500 17,150 12,500 Job 2 Job 3 $ $ 46,000 Opening work in progress Material in period Labour for period 29,025 23,000 4,500 The overheads for the period were exactly as budgeted, $140,000. Jobs 1 and 2 were the only incomplete jobs. What was the value of closing work in progress?
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