Problem: Bear Manufacturing begins operations on October 1. Information from job cost sheets shows the following:
Manufacturing Costs Assigned (non-cumulative)
Job October November December
A $11,500
B $5,200 $8,300
C $3,000 $5,800 $4,200
D $7,100 $8,000
E $3,400
Job A was completed in October. Job B was completed in November. Job C was completed in December. Each job was sold in the month following completion.
Instructions: Determine the following amounts:
1. Work in process inventory, October 31
2. Finished goods inventory, October 31
3. Work in process inventory, November 30
4. Finished goods inventory, November 30
5. Work in process inventory, December 31
6. Finished goods inventory, December 31