Q17E-a
Question
Root Trailers’ job cost records yielded the following information:
Use the dates in the table to identify the status of each job. Compute the following
balances for Root:
a. Work-in-Process Inventory at July 31
Step-by-Step Solution
Verified Answer
Job no. 3 is started on july3 and completed on august 11. Hence, it is work in processas on july 31. Thus, the work in process inventory at July 31 is $6,000
1Step 1: Work in process inventory
Work in process inventory means the inventory that have been partially completed through the manufacturing process.
2Step 2: Work in process inventory as on July 31
Job no. | Started date | Finished date | Work in process as on july 31 | Amount |
1 | June 21 | July 16 | No | $3,400 |
2 | June 29 | July 21 | No | 13,700 |
3 | July 3 | August 11 | Yes | 6,000 |
4 | July 7 | July 29 | No | 4,400 |
The work in process inventory of the Root Trailer’s as on July 31 is $6,000 for job no. 3.
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