Determine the ending wip balance on june 30

Reference no: EM13824830

Question

XYZ has the following job-cost records:

Total cost of

Job # Date Started        Date Finished        Date Sold at June 30
220    May 18                 June 12                       June 20 $6,000
221    May 20                 June 19                       June 21                 $4,000
222    June 7                  July 5                          July 12                  $7,000
223    June 10                June 28        July 1           $6,500
224   June 19                July 16                         July 25                  $8,000

REQUIRED:

1. Determine the ending WIP balance on June 30.
2. Determine the ending Finished Goods balance on June 30.
3. Determine the Cost of Goods Sold (COGS) for June.
4. Prepare the journal entries to account for the costs being transferred to finished goods and for the COGS in June.

Additional information-

This question belongs to Accounting and it discuss about Prepare the journal entries to account for the costs being transferred to finished goods and for the COGS in June

Reference no: EM13824830

Questions Cloud

Role of value engineering and value analysis : Role Of Value Engineering And Value Analysis In Operations Management

Write a research paper about the google motorola acquisition : Write a research paper about the Google Motorola Acquisition.

What is it that makes you happy : What is it that makes you happy - Share a time in your own life when you were truly happy. If used, please provide reference site with address and site within the paragraph used.

Purpose of the continuous disclosure regime : Briefly explain the purpose of the continuous disclosure regime under the Corporations Act 2001.

Determine the ending wip balance on june 30 : Determine the ending WIP balance on June 30. Determine the ending Finished Goods balance on June 30

Describe the various ways that firms raise capital : Describe the various ways that firms raise capital and identify the pros and cons of each method. What type of investor is most likely to be attracted to online trading? What type of investor prefers a full-service broker?

External entity-relationship diagram : An External Entity-Relationship Diagram indicating relationships of the AMAC and the other external entities in the system. Note you do not need to include attributes of the entities on the ERD. Just the relationships and their cardinality and mod..

Preparing ledger accounts for machinery : This problem belongs to Accounting and it discuss about preparing ledger accounts for machinery and depreciation for machinery for a small business

Presentation on project management and scenario planning : Presentation On Project Management And Scenario Planning

User Account

All Pages