Q 1.98: On January 1, 2016, Windows Incorporated has $14,218 in partially completed windows in its inventory. During the month of January, it incurs another $5,247 to finish the windows, $37,922 to complete another 120 windows, and $9,732 to start 50 more windows. What is the total cost of work in process for the month of January? A $67,119 B $19,465 с $52,901 D $57,387

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A:

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.