Exercise 2-5 (Static) Calculating Ending Inventories and Cost of Goods Sold [LO 2-5] Morrow 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 Job X32Z $ 5,000 $ 8,000 $ 2,000 $ 4,000 100 Manufacturing overhead applied Units completed Units in process at the end of May Units sold during May The company's total manufacturing overhead applied always equals its total actual manufacturing overhead. 1. Cost of goods sold 2. Ending finished goods inventory 3. Ending work in process inventory 0 40 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?

Exercise 2-5 (Static) Calculating Ending Inventories and Cost of Goods Sold [LO 2-5] Morrow 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 Job X32Z $ 5,000 $ 8,000 $ 2,000 $ 4,000 100 Manufacturing overhead applied Units completed Units in process at the end of May Units sold during May The company's total manufacturing overhead applied always equals its total actual manufacturing overhead. 1. Cost of goods sold 2. Ending finished goods inventory 3. Ending work in process inventory 0 40 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?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter4: Job-order Costing And Overhead Application

Section: Chapter Questions

Problem 60P: (Appendix 4A) Journal Entries, Job Costs The following transactions occurred during the month of...

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(Appendix 4A) Journal Entries, Job Costs The following transactions occurred during the month of April for Nelson Company: a. Purchased materials costing 4,610 on account. b. Requisitioned materials totaling 4,800 for use in production, 3,170 for Job 518 and the remainder for Job 519. c. Recorded 65 hours of direct labor on Job 518 and 90 hours on Job 519 for the month. Direct laborers are paid at the rate of 14 per hour. d. Applied overhead using a plantwide rate of 6.20 per direct labor hour. e. Incurred and paid in cash actual overhead for the month of 973. f. Completed and transferred Job 518 to Finished Goods. g. Sold on account Job 517, which had been completed and transferred to Finished Goods in March, for cost (2,770) plus 25%. Required: 1. Prepare journal entries for Transactions a through e. 2. Prepare job-order cost sheets for Jobs 518 and 519. Prepare journal entries for Transactions f and g. (Note: Round to the nearest dollar.) 3. Prepare a schedule of cost of goods manufactured for April. Assume that the beginning balance in the raw materials account was 1,025 and that the beginning balance in the work-in-process account was zero.
S Exercise 3-5 (Algo) Calculating Ending Inventories and Cost of Goods Sold [LO 3-5] Morrow 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: Job X32Z Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May $ 11,000 $ 11,000 $ 3,200 $ 14,800 160 70 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? 1. Cost of goods sold 2. Ending finished goods inventory 3. Ending work in process inventory
Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,400 February Not sold AA4 4,840 January February AA5 3,230 February March ААЗ 3,408 $2,321 April Not sold Total $7,440 $8,038 $2,321 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work in Finished Process Goods COGS January $ February $ March
ob cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,000 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,411 $2,320 April Not sold Total $7,437 $7,671 $2,320 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 2 February fill in the blank 3 fill in the blank 4 $fill in the blank 5 March fill in the blank 6 fill in the blank 7 fill in the blank 8
Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information Req 5A Job 306 Req 5B $ 35,400 26,400 16,400 Compute gross profit for April. Gross profit 151,000 91,400 ? Finished (sold)
Problem 2-23 (Algo) Calculating Ending Inventories and Cost of Goods Sold [LO2-5] Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, the job cost sheets for these jobs contained the following data: Beginning balance. Charged to the jobs during October: Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of October Units sold during October Job A256 Job A257 Job A258 $2,000 $ 900 $0 $ 3,400 $ 1,200 $ 2,000 1. Cost of goods sold for October 2. Finished goods inventory at the end of October 3. Work in process inventory at the end of October 100 0 80 $ 4,300 $ 1,800 $ 2,300 0 154 0 $ 2,200 $ 1,000 $ 1,300 600 0 120 Job A260 $0 $ 4,300 $ 800 $1,400 0 124 0 Jobs A256 and A258 were completed during October. The other two jobs were incomplete at the end of October. There was no finished goods inventory on October 1. The company's total manufacturing overhead applied…
Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,400 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,408 $2,319 April Not sold Total $7,437 $8,068 $2,319 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 2 February fill in the blank 3 fill in the blank 4 $fill in the blank 5 March fill in the blank 6 fill in the blank 7 fill in the blank 8
Gadubhai
Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,000 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,411 $2,320 April Not sold Total $7,437 $7,671 $2,320 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 2
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Manisha
Morrow 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?