Question

Root Trailers’ job cost records yielded the following information:

Use the dates in the table to identify the status of each job. Compute the following

balances for Root:

b. Finished Goods Inventory at July 31

Short answer

Job no. 4 is started on july 7, completed on July 29 and sold on August 1. Hence, as on july 31 it is classified as finished goods inventory. Thus, the finished goods inventory at July 31 is $4,400

Step-by-step solution

Finished goods inventory

Finished goods inventory is the total stcok manufactured by the company which are available for the sale to the customers in the market.

Finished goods inventory as on July 31

Job no.	Started date	Sold date	Finished goods inventory as on July 31	Amount
1	June 21	July 17	No	$3,400
2	June 29	July 26	No	13,700
3	July 3	August 13	No	6,000
4	July 7	August 1	Yes	4,400

The finished goods inventory of the Root Trailer’s as on July 31 is $4,400 for job no. 4.