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?
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 10EA: K company production was working on Job 1 and Job 2 during the month. Of the $780 in direct...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 4 images
Recommended textbooks for you
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning