Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the jo cost sheets for these five jobs contained the following data: Beginning balance. Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of May Units sold during May Job A10 5.73 $ 110 $.90 $ 117 120 0 e Job 820 $.90 $.90 $ 100 $ 130 0 80 e Job C30 $ 166 Required: 1. What is the cost of goods sold for May? Note: Round "Unit product cost" to 2 decimal places. 2. What is the total value of the finished goods inventory at the end of May? Note: Round "Unit product cost" to 2 decimal places. 3. What is the total value of the work in process inventory at the end of May? $ 140 $ 80 $ 104 50 0 50 Job 040 $ 114 $ 110 $ 120 $ 156 0 130 e Job ESG $ 18 $ 22 $ 15 $ 19 19 10 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. The was no finished goods inventory on May 1, and the company's total manufacturing overhead applied always equa total actual manufacturing overhead.
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.
Solve all
do not give answer in image
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
