FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for
these five jobs contained the following data:
Beginning balance
Charged to the jobs during May:
Direct materials
Direct labor
Manufacturing overhead applied
Units completed
Units in process at the end of May
Units sold during May
Job A10
$183
$ 220
$ 200
$227
230
1. Cost of goods sold for May
2. Finished goods inventory at the end of May
3. Work in process inventory at the end of May
0
0
Job B20
$ 200
$ 200
$ 210
$ 240
0
90
0
Job C30
$ 210
$250
$135
$115
105
0
105
Job D40
$ 180
$ 165
$ 230
$200
0
140
0
Required:
1. What is the cost of goods sold for May?
Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount.
2. What is the total value of the finished goods inventory at the end of May?
Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount.
3. What is the total value of the work in process inventory at the end of May?
Job E50
$ 240
Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished
goods inventory on May 1, and the company's total manufacturing overhead applied always equals its total actual manufacturing
overhead.
$ 330
$260
$250
260
0
210
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Transcribed Image Text:Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of May Units sold during May Job A10 $183 $ 220 $ 200 $227 230 1. Cost of goods sold for May 2. Finished goods inventory at the end of May 3. Work in process inventory at the end of May 0 0 Job B20 $ 200 $ 200 $ 210 $ 240 0 90 0 Job C30 $ 210 $250 $135 $115 105 0 105 Job D40 $ 180 $ 165 $ 230 $200 0 140 0 Required: 1. What is the cost of goods sold for May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 2. What is the total value of the finished goods inventory at the end of May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 3. What is the total value of the work in process inventory at the end of May? Job E50 $ 240 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished goods inventory on May 1, and the company's total manufacturing overhead applied always equals its total actual manufacturing overhead. $ 330 $260 $250 260 0 210
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