Hung Lee Company uses job-order costing. At the end of the month, the following information was gathered:

Question:

Job Total Cost Complete? Sold? S 610 1,300 301 Yes No 302 Yes Yes 460 303 No No 304 2,670 3,800 Yes No 305 Yes No 306 23

The beginning balance of Finished Goods was zero.
Required:
1. Calculate the balance in Work in Process at the end of the month.
2. Calculate the balance in Finished Goods at the end of the month.
3. Calculate Cost of Goods Sold for the month.

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Cornerstones of Managerial Accounting

ISBN: 978-0176530884

2nd Canadian edition

Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman

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Question Posted: Nov 30, 2017 09:22 AM

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Hung Lee Company uses job-order costing. At the end of the month, the following information was gathered:

Question:

Job Total Cost Complete? Sold? S 610 1,300 301 Yes No 302 Yes Yes 460 303 No No 304 2,670 3,800 Yes No 305 Yes No 306 230 No No 307 300 Yes Yes 308 650 No No 309 1,035 No No 310 217 No No

Step by Step Answer:

1 Balance in Work in Process all incomplete jobs Job 303 460 Job 306 ...View the full answer

Cornerstones of Managerial Accounting

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