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 $ 23,000 $ 17,000 $ 5,600 $ 58,000 280 0 130 The company's total manufacturing overhead applied always equals its total actua manufacturing overhead. 1. Cost of goods sold 2. Ending finished goods inventory 3. Ending work in process inventory 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?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
$ 23,000
$ 17,000
$ 5,600
$ 58,000
280
0
130
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
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?
Transcribed Image Text: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 $ 23,000 $ 17,000 $ 5,600 $ 58,000 280 0 130 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 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?
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