Wrap Corporation is a job-order costing company. The following information about the jobs was given for March:
By March 31, Jobs 202 and 203 were completed. Job 203 was sold for $290,000, only sale for the month. The remaining jobs were still in process. There were no other job orders in any inventory account.
15) The amount of the March 1 WIP inventory balance is
A) $136,150
B) $136,250
C) $136,350
D) $136,450
16) The amount of the 3/31 Finished Goods inventory balance is
A) $193,350
B) $191,550
C) $191,650
D) $191,350
17) The amount of the 3/31 WIP inventory balance is
A) $464,900
B) $466,500
C) $465,500
D) $465,000
18) The March Cost of Goods Sold amount is
A) $184,700
B) $187,400
C) $187,700
D) $187,900
19) The March gross profit was
A) $106,200
B) $102,800
C) $102,600
D) $102,400
20) Wrap would use a Job Order system because they
A) Produce a low volume of very different units
B) Produce a large volume of similar units
C) Like to give the job orders different sounding names
D) Like to use a different color for each job order
