Figure 5-4.Hill Company uses job-order costing. At the end of the month, the following data was gathered:
Hill's selling price is cost plus 50% for each of its products.
-Refer to Figure 5-4. What is the total in the work-in-process account?

Question

Figure 5-4.Hill Company uses job-order costing. At the end of the month, the following data was gathered:
  Hill's selling price is cost plus 50% for each of its products.
-Refer to Figure 5-4. What is the total in the work-in-process account?

Quizplus · Accepted Answer

To find the total in the work-in-process account, we need to calculate the total cost of all the jobs still in process.

For Job 301, the total cost is $890 ($600 + $150 + $140). 
For Job 302, the total cost is $620 ($200 + $220 + $200). 
For Job 303, the total cost is $153 ($51 + $102).

Thus, the total in the work-in-process account is $1,663 ($890 + $620 + $153).