FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- 1. What is the total cost of direct materials requistioned in June? 2. What is the total cost of direct labor used in June? ( please check plagiarism)arrow_forwardMorrow Corporation had only one job in process during May-Job X32Z- and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May, Data concerning that job appear below: Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of may Units sold during May Job X32Z $ 17,000 $ 14,000 $ 4,400 $ 32,800 1. Cost of goods sold 2. Ending finished goods inventory 3. Ending work in process inventory 220 0 100 The company's total manufacturing overhead applied always equals its total actual manufacturing overhead. Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May?arrow_forwardNonearrow_forward
- Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job Number April May June Month Completed 10 $6,700 $4,600 May 11 4,400 4,200 $3,200 June 12 1,400 April 13 4,900 3,500 June 14 5,600 3,600 Not complete Each job was sold for 25% above its cost in the month following completion. (a) Calculate the balance in Work in Process Inventory at the end of each month. Work in Process Inventory April 30 $enter a dollar amount May 31 $enter a dollar amount June 30 $enter a dollar amountarrow_forwardKansas manufacturing company uses a job-order costing system and started the month of October with a zero balance in its work in process and finished goods inventory accounts. During October, Kansas worked on three jobs and incurred the following direct costs on those jobs: Job B18 Job B19 Job C11 Direct materials $13,000 $25,000 $16,000 Direct labor $8,000 $10,000 $5,000 Kansas applies manufacturing overhead at a rate of 200% of direct labor cost. During October, Kansas completed Jobs B18 and B19 and sold Job B19. What is Kansas' work in process inventory balance at the end of October? $31,000 $30,500 $33,000 $43,000 None of the above. Please show your workarrow_forwardHow much is total cost of goods manufactured?arrow_forward
- Shen Company reports the costs incurred below for the month ended May 31. The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of direct materials costs. Job 4 was completed and Job 5 is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. Direct materials used Direct labor used Job 4 $ 1,500 2,100 Job 5 $1,000 200 SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ $ 2,500 2,300 4,800 4,800 4,800arrow_forwardGadubhaiarrow_forwardPlease avoid solutions image based thanksarrow_forward
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