Domestic Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, thejob cost sheets for these jobs contained the following data:Beginning balanceJob A256$ 1,300Job A257$ 550Job A258$ 0Job A260$ 0Charged to the jobs during October:Direct materials$ 2,700$ 3,600$ 1,500$ 3,600Direct labor$ 850$ 1,100$ 650$ 450Manufacturing overhead applied$ 1,300$ 1,600$ 950$ 700Units completed10002500Units in process at the end of OctoberUnits sold during October08015201220500Jobs A256 and A258 were completed during October. The other two jobs were incomplete at the end of October. There was nofinished goods inventory on October 1. The company's total manufacturing overhead applied equals its total actual manufacturingoverhead.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 October2. Finished goods inventory at the end of October3. Work in process inventory at the end of October

Name: Domestic Techuxia Corporation worked on four jobs during October: Job
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Description: Domestic Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, thejob cost sheets for these jobs contained the following data:Beginning balanceJob A256$ 1,300Job A257$ 550Job A258$

Cost of Goods Sold-The cost of goods sold includes the cost of goods that are sold during the…

Business

Accounting

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

Domestic

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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Carleton Builders Ltd. recorded the following summarized transactions during the current year. a. The company originally sold and issued 108,000 common shares. During the current year 10,000 shares were repurchased from the shareholders and retired. Near the end of the current year, the board of directors declared and paid a cash dividend of $9 per share. The dividend was recorded as follows: General Journal Retained earnings Cash ($9 x 98,000) Dividend income ($9 × 10,000) Debit Credit 972,000 882,000 90,000 b. Carleton Builders Ltd. purchased a machine that had a list price of $98,000. The company paid for the machine in full by issuing 10,000 common shares (market price = $8.90). The purchase was recorded as follows: Machine General Journal Share capital ($8.90 × 10,000) Gain on purchase of equipment Debit Credit 98,000 89,000 9,000 c. Carleton needed a small structure for temporary storage. A contractor quoted a price of $777,000. The company decided to build the structure itself.…