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
Finished goods inventory is the total stcok manufactured by the company which are available for the sale to the customers in the market.
Finished goods inventory as on July 31
The finished goods inventory of the Root Trailer’s as on July 31 is $4,400 for job no. 4.
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