Question

The Terrapin manufacturing Company has the following job cost sheets on file. They represent jobs that have been worked on during June ofthe current year. This table summarizes information provided on each sheet:

Number	Total Cost Incurred	Status of job
951	$4,200	Finished And delivered
952	$7,700	Unfinished
953	$9,300	Finished And unsold
954	$11,100	Finished And delivered
955	$3,000	Finished And unsold
956	$5,500	Finished And Delivered
957	$35,000	Unfinished
958	$3,200	Finished And unsold
959	$500	Unfinished
960	$22,110	Unfinished
961	$7,200	Finished And unsold
962	$8,500	Unfinished
963	$11,200	Finished And unsold

Questions:

1. What is the cost of the goods in process inventory on June30?
2. What is the cost of the finished goods inventory on June30?
3. What is the cost of goods sold for the month of June?

Answer 1

Answer 1: Calculation of cost of the goods in process inventory on June 30

Job number	Status of job	Total Cost
952	Unfinished	$7,700
957	Unfinished	$35,000
959	Unfinished	$500
960	Unfinished	$22,110
962	Unfinished	$8,500
Cost of the goods in process inventory on June 30		$73,810

Answer 2: Calculation of cost of the finished goods inventory on June 30

Job number	Status of job	Total Cost
953	Finished And unsold	$9,300
955	Finished And unsold	$3,000
958	Finished And unsold	$3,200
961	Finished And unsold	$7,200
963	Finished And unsold	$11,200
Cost of the finished goods inventory on June 30		$33,900

Answer 3 . Calculation of cost of the  goods sold for the month of June

Job number	Status of job	Total Cost
951	Finished And delivered	$4,200
954	Finished And delivered	$11,100
956	Finished And delivered	$5,500
Cost of the  goods sold for the month of June		$20,800