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1. What is the cost of goods sold for October? Note: Round intermediate calculations 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 October? Note: Round intermediate calculations 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 October? 1. Cost of goods sold for October 2. Finished goods inventory at the end of October 3. Work in process inventory at the end of October

1. What is the cost of goods sold for October? Note: Round intermediate calculations 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 October? Note: Round intermediate calculations 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 October? 1. Cost of goods sold for October 2. Finished goods inventory at the end of October 3. Work in process inventory at the end of October

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: Beginning balance Job A256 $ 1,300 Job A257 $ 550 Job A258 $ 0 Job A260 $ 0 Charged to the jobs during October: Direct materials $ 2,700 $ 3,600 $ 1,500 $ 3,600 Direct labor $ 850 $ 1,100 $ 650 $ 450 Manufacturing overhead applied $ 1,300 $ 1,600 $ 950 $ 700 Units completed 100 0 250 0 Units in process at the end of October Units sold during October 0 80 152 0 122 0 50 0 Jobs A256 and A258 were completed during October. The other two jobs were incomplete at the end of October. There was no finished goods inventory on October 1. The company's total manufacturing overhead applied equals its total actual manufacturing overhead. Required: 1. What is the cost of goods sold for October? Note: Round intermediate calculations 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 October? Note: Round intermediate calculations 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 October? 1. Cost of goods sold for October 2. Finished goods inventory at the end of October 3. Work in process inventory at the end of October
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: Beginning balance Job A256 $ 1,300 Job A257 $ 550 Job A258 $ 0 Job A260 $ 0 Charged to the jobs during October: Direct materials $ 2,700 $ 3,600 $ 1,500 $ 3,600 Direct labor $ 850 $ 1,100 $ 650 $ 450 Manufacturing overhead applied $ 1,300 $ 1,600 $ 950 $ 700 Units completed 100 0 250 0 Units in process at the end of October Units sold during October 0 80 152 0 122 0 50 0 Jobs A256 and A258 were completed during October. The other two jobs were incomplete at the end of October. There was no finished goods inventory on October 1. The company's total manufacturing overhead applied equals its total actual manufacturing overhead. Required: 1. What is the cost of goods sold for October? Note: Round intermediate calculations 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 October? Note: Round intermediate calculations 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 October? 1. Cost of goods sold for October 2. Finished goods inventory at the end of October 3. Work in process inventory at the end of October
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