Business, 03.03.2020 01:24 masonprice
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 $ 7,000
Charged to the job during May
Direct materials $ 12,600
Direct labor $ 3,500
Manufacturing overhead applied $ 6,900
Units completed 250
Units in process at the end of May 0
Units sold during May 115
In May, overhead was overapplied by $450. The company adjusts its cost of goods sold every month for the amount of the overhead that was underapplied or overapplied.
Required:
1. Using the direct method, what is the cost of goods sold for May?
Cost of good sold:
2. What is the total value of the finished goods inventory at the end of May?
Total cost of ending finished good inventory:
3. What is the total value of the work in process inventory at the end of May?
Ending work in process inventory:
Answers: 1
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Morrow Corporation had only one job in process during May—Job X32Z—and had no finished goods invento...
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