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Hill Company uses job-order costing. At the end of the month, the following data was gathered: Job # Total Cost Complete? Sold? 803 $611 yes yes 804 423 yes no 805 805 no no 806 682 yes yes 807 525 yes no 808 250 no no 809 440 yes yes 810 773 yes no 811 267 no no 812 341 no no Hill's selling price is cost plus 50% for each of its products. What is the total in Finished Goods?

a.$1,860
b.$1,721
c.$1,700
d.$2,163
e.$2,230

Respuesta :

Answer:

option (b) $1,721

Explanation:

Given:

Job #          Total Cost          Complete          Sold

803               $611                     yes                   yes

804               $423                   yes                   no

805               $805                   no                    no

806               $682                   yes                  yes        

807               $525                   yes                  no

808               $250                   no                   no

809               $440                   yes                  yes

810               $773                     yes                  no

811               $267                     no                    no

812               $341                     no                    no

Now,

The total in Finished Goods will be the jobs that are completed and not sold

thus,

The total in Finished Goods = $423 + $525 + $773 = $1,721

Hence,

The correct answer is option (b) $1,721

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