Business, 05.07.2020 14:01 Ackussinglake63

Sardin Company begins the month of March with $17,000 of work in process costs from Job 324. Information from job cost sheets shows the following additional costs assigned during March, April, and May of 2020: Manufacturing Costs AssignedJob No. March April May324 $26,000 325 20,000 $28,000 $15,000326 41,000 11,000 327 16,000 39,000328 34,000 51,000Job 324 was completed in March. Jobs 325 and 327 were completed in May, and Job 326 was completed in April. Jobs are sold during the month after completion. Total revenue for jobs sold during the 3-month period is $145,000.Required:a. Calculate the balances of the work in process. b. Calculate finished goods inventory accounts at the end of May.

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Answer from: Shathep

Sardin Company

a) Calculation of the balances of the work in process:

March April May

Beginning work in process Job 324 $17,000 $20,000 $98,000

Total Ending work in process $20,000 $98,000 $85,000

March April May

Beginning work in process Job 324 $17,000 $20,000 $98,000

Job 324 26,000

Work started Job 325 20,000 28,000 15,000

326 41,000

326 11,000

327 16,000 39,000

328 34,000 51,000

Ending work in process Job 325 (20,000) (48,000)

327 (16,000)

328 (34,000) (85,000)

Total Ending work in process $20,000 $98,000 $85,000

Work completed Job 324 43,000

Job 326 52,000

Job 327 55,000

Job 325 63,000

Total costs of work completed $43,000 $52,000 $ 118,000

b) Calculation of finished goods inventory accounts at the end of May:

March April May

Beginning finished goods $0 $43,000 $52,000

Costs of work completed $43,000 $52,000 $118,000

Finished goods available $43,000 $95,000 $147,000

less Cost of goods sold $0 $43,000 $52,000

Ending finished goods $43,000 $52,000 $147,000

Explanation:

a) Manufacturing Costs Assigned

Job No. March April May

324 $26,000

325 20,000 $28,000 $15,000

326 41,000 11,000

327 16,000 39,000

328 34,000 51,000

Answer from: Quest

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Answer from: Quest

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Sardin Company begins the month of March with $17,000 of work in process costs from Job 324. Informa...

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