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Q17E-b

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Horngren'S Financial And Managerial Accounting
Found in: Page 942

Short Answer

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:

b. Finished Goods Inventory at July 31

Job no. 4 is started on july 7, completed on July 29 and sold on August 1. Hence, as on july 31 it is classified as finished goods inventory. Thus, the finished goods inventory at July 31 is $4,400

See the step by step solution

Step by Step Solution

Step 1: Finished goods inventory

Finished goods inventory is the total stcok manufactured by the company which are available for the sale to the customers in the market.

Step 2: Finished goods inventory as on July 31

Job no.

Started date

Sold date

Finished goods inventory as on July 31

Amount

1

June 21

July 17

No

$3,400

2

June 29

July 26

No

13,700

3

July 3

August 13

No

6,000

4

July 7

August 1

Yes

4,400

The finished goods inventory of the Root Trailer’s as on July 31 is $4,400 for job no. 4.

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