Maysonet Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Work in ProcessBal. 1/1 18,000 CreditsDebits 520,000 Bal. 12/31 34,000

The cost of completed jobs transferred from Work in Process to Finished Goods during the year was : a) $504,000b) $572,000c) $520,000d) $538,000

Question

Jan Spence

Business

2 September, 09:50

Maysonet Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Work in ProcessBal. 1/1 18,000 CreditsDebits 520,000 Bal. 12/31 34,000

The cost of completed jobs transferred from Work in Process to Finished Goods during the year was : a) $504,000b) $572,000c) $520,000d) $538,000

+4

Answers (1)

Know the Answer?

Emilia Roth · Answer 1

The cost of completed jobs transferred from Work in Process to Finished Goods during the year was a) $504,000

Explanation:

The cost of completed jobs transferred from Work in Process to Finished Goods during the year = Credits Work in Process = Work in Process Bal. 1/1 + Debits Work in Process - Work in ProcessBal. 12/31

Maysonet Corporation provided they completed T-account summary for the past year: Work in Process Bal. 1/1 $18,000 Debits $520,000 Bal. 12/31 $34,000

The cost of completed jobs transferred from Work in Process to Finished Goods during the year = $18,000 + $520,000 - $34,000 = $504,000