Derry Company uses job-order costing. At the end of the month, the following information was gathered: Derry Company uses job-order costing. At the end of the month, the following information was gathered:
Job # Total Cost Complete? Sold?
301 $1,600 Yes No
302 1,240 Yes Yes
303 780 No No
304 2,300 Yes No
305 4,150 Yes No
306 350 No No
307 710 Yes Yes
308 620 No No
309 1,200 No No
310 515 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.
$fill in the blank 1
2. Calculate the balance in Finished Goods at the end of the month.
$fill in the blank 2
3. Calculate Cost of Goods Sold for the month.
$fill in the blank 3