Chapter 3 Assignment Quiz Casey Follmer Attempt 1 X Company

Chapter 3 Assignment - Quiz Casey Follmer: Attempt 1 X Company has the following cost information for December related to Jobs #1, #2, #3 and #4 Job # Date Date Date Total Cost Product Costs Started Finished Sold Nov 30 added in December Nov 28 Nov 30 Dec 5 $20,000 Nov 28 Dec 5 Dec 7 $15,000 $10,000 Dec 10 Dec 20 Jan 3 Dec 21 Jan 5 $50,000 $30,000 Jan 8 abs Compute the cost of Finished Goods inventory on December 31. Do not enter commas or dollar signs. For example enter $20,000 as 20000 Save 0

Solution

Calculate cost of finished goods inventory on december 31:

Job 1 and Job 2 is sold in december and Job 2 is finished on dec 20 but sold on jan 3 and job 4 is under process on december 31

So cost of finished goods inventory on decmeber 31 = Job 3 = $50000