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: Job Job Job Beginning balance Charged to the jobs during October: Job A256 A257 A258 A260 $ 1,200 $ 500 $ 0 $ 0 Direct $ 2,600 $ 3,500 $1,400 $ 3,500 materials Direct labor $ 800 $ 1,000 $ 600 $ 400 Manufacturing overhead applied $ 1,200 $ 1,500 $ 900 $ 600 Units completed 100 0 200 0 Units in process at the end of ° 400 0 500 October Units sold during October 80 ° 40 ° Jobs A256 and A258 were completed during October. The other two jobs had not yet been completed at the end of October. There was no finished goods inventory on October 1. In October, overhead was overapplied by $800. The company adjusts its cost of goods sold every month for the amount of the underapplied or overapplied overhead. Required: 1. Using the direct method, what is the cost of goods sold for October? (Round your intermediate calculations to 2 decimal places.) 2. What is the total value of the finished goods inventory at the end of October? (Round your intermediate calculations to 2 decimal places.) 3. What is the total value of the work in process inventory at the end of October?
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: Job Job Job Beginning balance Charged to the jobs during October: Job A256 A257 A258 A260 $ 1,200 $ 500 $ 0 $ 0 Direct $ 2,600 $ 3,500 $1,400 $ 3,500 materials Direct labor $ 800 $ 1,000 $ 600 $ 400 Manufacturing overhead applied $ 1,200 $ 1,500 $ 900 $ 600 Units completed 100 0 200 0 Units in process at the end of ° 400 0 500 October Units sold during October 80 ° 40 ° Jobs A256 and A258 were completed during October. The other two jobs had not yet been completed at the end of October. There was no finished goods inventory on October 1. In October, overhead was overapplied by $800. The company adjusts its cost of goods sold every month for the amount of the underapplied or overapplied overhead. Required: 1. Using the direct method, what is the cost of goods sold for October? (Round your intermediate calculations to 2 decimal places.) 2. What is the total value of the finished goods inventory at the end of October? (Round your intermediate calculations to 2 decimal places.) 3. What is the total value of the work in process inventory at the end of October?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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:
Job Job
Job
Beginning
balance
Charged to the
jobs during
October:
Job
A256 A257 A258 A260
$ 1,200
$ 500 $
0 $
0
Direct
$ 2,600
$ 3,500 $1,400 $ 3,500
materials
Direct labor
$ 800
$ 1,000 $ 600 $
400
Manufacturing
overhead applied
$ 1,200
$ 1,500 $
900 $
600
Units completed
100
0
200
0
Units in process
at the end of
°
400
0
500
October
Units sold
during October
80
°
40
°
Jobs A256 and A258 were completed during October. The other two jobs had
not yet been completed at the end of October. There was no finished goods
inventory on October 1.
In October, overhead was overapplied by $800. The company adjusts its cost of
goods sold every month for the amount of the underapplied or overapplied
overhead.
Transcribed Image Text:Required:
1.
Using the direct method, what is the cost of goods sold for October? (Round your intermediate
calculations to 2 decimal places.)
2.
What is the total value of the finished goods inventory at the end of October? (Round
your intermediate calculations to 2 decimal places.)
3.
What is the total value of the work in process inventory at the end of October?
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