The Terrapin Manufacturing Company Has the Following Job Cost Sheets

question 22

Essay

The Terrapin Manufacturing Company has the following job cost sheets on file.They represent jobs that have been worked on during June of the current year.This table summarizes information provided on each sheet:
a.What is the cost of the goods in process inventory on June 30?
b.What is the cost of the finished goods inventory on June 30?
c.What is the cost of goods sold for the month of June?

---

Definitions:

Owner Investment

Capital contributions made by the owner(s) or shareholders into a business, either in cash or other assets, for the purpose of funding operations or expansion.

Capital

The wealth in the form of money or other assets owned by a person or organization or available for a purpose such as starting a company or investing.

Revenue

Revenue is the total amount of money that a company receives from its activities, usually from the sale of goods and services to customers.

Normal Debit Balance

Refers to the expected debit balance in certain types of accounts, like assets, expenses, and losses, indicating an increase in these accounts.