Question: Balance of Work in Process and Finished Goods, Cost of Goods Sold Zanthum Company uses job-order costing. At the end of the month, the following information was gathered:
Job # Total Cost Complete? Sold?
301 $ 730 Yes No
302 1,560 Yes Yes
303 550 No No
304 2,300 Yes No
305 4,560 Yes No
306 280 No No
307 360 Yes Yes
308 780 No No
309 1,200 No No
310 260 No No
The beginning balance of Finished Goods was $300, consisting of Job 300 which was not sold by the end of the month.
Required: 1. Calculate the balance in Work in Process at the end of the month.
2. Calculate the balance in Finished Goods at the end of the month.
3. Calculate Cost of Goods Sold for the month.