Cornerstones of Managerial Accounting 6th Edition by Maryanne Mowen,Don Hansen ,Dan Heitger

Exercise 9

Balance of Work in Process and Finished Goods, Cost of Goods Sold
Derry Company uses job-order costing. At the end of the month, the following information was gathered:

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.