Questionxyz has the following job-cost recordsnbsptotal, Ask an Expert

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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.

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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

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