Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter:
Job 356, 357, 358 & 359 were completed. Jobs 356 & 357 were sold at a profit of $500 on each job.
What is the ending balance of Finished Goods for Zeke Company as of the end of the 1st quarter?
1067
To find the ending balance of Finished Goods for Zeke Company as of the end of the 1st quarter, we need to calculate the total value of the completed jobs that are still in inventory.
From the given information, we know that jobs 356 and 357 were completed and sold at a profit of $500 on each job. However, the information does not specify whether these jobs are still in inventory or have been sold.
If jobs 356 and 357 are still in inventory, we can include their value in the ending balance of Finished Goods. In this case, the ending balance would be:
Ending balance = Value of job 356 + Value of job 357
Since each job was sold at a profit of $500, we can assume that the value of each job is $500 higher than the cost of producing the job. However, we do not have the cost information for these jobs, so we cannot determine their value exactly.
If jobs 356 and 357 have been sold, we cannot include their value in the ending balance of Finished Goods. In this case, the ending balance would only include the value of the remaining completed jobs.
To find the ending balance, we need to know the cost information for the completed jobs and whether jobs 356 and 357 have been sold or are still in inventory. Without this information, we cannot calculate the exact ending balance of Finished Goods for Zeke Company.