Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Job A10 Job B20 Job C30 Job D40 Job E50 $ 233 $250 $ 230 $ 210 $265 Beginning balance Charged to the jobs during May: Direct materials $ 270 $250 $ 300 $380 Direct labor $250 $260 $160 S 310 Manufacturing overhead applied $277 $275 S 120 130 Units completed 310 Units sold during May 0 0 130 0 260 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished goods inventory on May 1, and the company's total manufacturing overhead applied always equals its total actua manufacturing overhead. S 290 280 0 $190 $280 $ 220 0 Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods Inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May? Note: Round your intermediate calculations to 2 decimal places.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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