Refer to Cornerstone Exercise 5.1 for data.
In Exercise 5.1

Required:
1. Calculate the balance in Work in Process as of June 30.
2. Calculate the balance in Finished Goods as of June 30.
3. Calculate the cost of goods sold for June.
4. Calculate the price charged for Job 39.
5. What if the customer for Job 40 was able to pay for the job by June 30? What would happen to the balance in Finished Goods? What would happen to the balance of Cost of Goods Sold?

Transcribed Image Text:

Job 39 Job 40 Job 41 Job 42 Beginning balance Materials requisitioned Direct labor cost $23,700 18,900 10,000 $34,600 21,400 18,500 S17,000 S 0 12,000 2,900 8,350 3,000