FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following account appears in the ledger prior to recognizing the jobs completed in January:
Work in Process | ||
Balance, January 1 | $11,430 | |
Direct materials | 92,930 | |
Direct labor | 100,240 | |
Factory |
52,690 |
Jobs finished during January are summarized as follows:
Job 210 | $46,310 |
Job 216 | 28,300 |
Job 224 | 54,030 |
Job 230 | 105,490 |
a.
b. Determine the cost of the unfinished jobs at January 31.
$
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- please assist with the images that were submittedarrow_forwardJupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following information at year-end: Direct Materials Direct Labor Allocated Mfg. Overhead Job completed Job sold Jul 10 Revenues $25,000 What was the balance in Work-in-Process OA. $2,400 OB. $1,100 OC. $2,800 OD. $2,100 Job 1 $1,000 12,000 1,500 Click to select your answer Jun 30 Job 2 $7,500 20,000 6,000 Job 3 $4,000 13,000 2,500 Sep 1 Sep 12 $39,000 Inventory at year-end? Oct 15 Not sold N/A Job 4 $3,500 12,000 7,500 Job 5 $1,700 Not sold N/A 700 400 Not Nov 1 completed N/A N/Aarrow_forwardIvanhoe Company begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job Number April May June Month Completed 10 $6,700 $4,600 May 11 4,400 4,200 $3,200 June 12 1,400 April 13 4,900 3,500 June 14 5,600 3,600 Not complete Each job was sold for 25% above its cost in the month following completion. (a) Calculate the balance in Work in Process Inventory at the end of each month. Work in Process Inventory April 30 $enter a dollar amount May 31 $enter a dollar amount June 30 $enter a dollar amountarrow_forward
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